AUDUSD—update

I just took partial profits on my position from .8093 at +402 pips. I have three other long positions as well from .8390, .8436, and .8443. The pair touched .8507 a few minutes ago an is faltering which is to be expected. It's also overbought on the hourly chart and I suspect there may be a bit of a pullback from here. However, I'm more confident that the pair can reach .8640 before getting into real trouble so may add to longs on another pullback, especially to the short-term uptrend line.

Here's a 15-minute chart:














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My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.