Winning Trade on AUD/USD

I took an early morning signal (even early for those of us who trade the European session) on the AUD/USD today. Even with the USD news that was due out at 10:00 am, I took the trade with confidence because of the rising price of gold and the good chance that the economic news due out on the U.S. Dollar (Pending Home Sales) would be negative. Even if it wasn't there's little chance of good news doing anything to rally the dollar on any release to do with housing, so I was in where the chart below shows.

I chose to exit this trade at resistance for a 59 pip profit.

Another profitable trade with Forex Profit Monster! It's been a slow month so far, with only two trades taken in a week, but the total so far for January is +485 pips. I'm expecting many more opportunities as we continue through the month because so many currency pairs are still in a tight range (especially the majors), even on the 1 Hour charts. The EUR/USD is especially poised to make a move, as is its correalated "cousin" the GBP/USD. I'm not used to seeing so much consolidation on this time frame for such an extended period of time... bring on the breakouts :-)

For more information about the Forex Profit Monster trading system, visit my website at http://www.forexprofitmonster.com/.

Good luck and good trading!

Jim

http://www.forexprofitmonster.com/