I got distracted by the cricket and some charts and forgot to post this trade earlier when I made it. With the big RBA news due out tomorrow, and a cut almost universally expected (the Aussie politicos are already using it in their election battles here), AUD looks very weak, but we have to be careful. It has fallen a lot already so a reversal is quite possible.
Short $4/pip AUDUSD @ 0.8901, SL 0.8960.
My system recommendation for order size is $3/pip at 10% risk and $6/pip at 20% risk. I’ve gone with $4/pip.
I might be busy around the RBA decision-time tomorrow and unable to monitor the market. If the RBA doesn’t cut, or use not-so-dovish language in their statement, we could see a reversal. Therefore I’ve got a hard stop locked in at 0.8960.