_aioseop_keywords: Forex, Currency, Trading, Investing, Howto, Euro, Australian
I closed out my AUDUSD yesterday for an average gain of 40 pips. That translates to roughly a 0.9R which isn't what I want but the market internals were changing and I rather take a profit than loss. Typically I like to sell half when I'm at breakeven and then let the other half ride till I'm either stopped out (using a trailing stop) or the market internals change. This is what happened to my AUDUSD position.
In other news, I'm still long in my EURUSD position but currently down 20 pips or so. I expect some movement to the upside when today's economic news comes out, both big events. As a result, I have a fairly wide stop loss of 70 pips total which translates into a small position size. In these markets, volatility position sizing is key and these methods of position sizing have rebuilt my portfolio.
Coming out today is:
- Aug Existing Home Sales
- Sept Consumer Confidence