Forex Investing – AUDJPY Trade Still Looks Strong
We have been a little quiet here the past few weeks as we have been holding off on making any other trades. Most of the charts are looking over extended and need to see a big pull back or a long period of consolidation to make the charts look attractive.
We are still long the AUDJPY as you can see from our previous post (Managed Forex Account – AUDJPY Trade Update). The chart has really taken off and the AUDJPY has been up above 80.40 at one point which is over 1,800 pips higher than our entry point at 62.15. The chart continues to show higher tops and bottoms above the trend line and all indicators continue to point up. It is very possible that we could see a strong pull back closer to the trend line but we will remain in the position as long as the price is above the trend line.
The stop loss has again been moved up along the trend line to 69.33 which will give us at a minimum over 700 pips on the trade.
If you like our technical analysis then please be sure to check out our other forex investment blog posts and read more about our managed forex account.
Tags: AUDJPY, forex, Forex Invetsing, managed forex account
Jun 18, 2009
Cody,
I had the AUD/JPY trade on and just sold out today at 77.626. Great call!!!!! Keep up the good work.
Jul 03, 2009
Hi Cody,
I’ve been watching your site for a while now and was just curious when you’ll be accepting managed accounts (I know you had a June timeframe). Also, I noticed that you have a $100,000 minimum…I thought it used to say $10,000? I might be thinking of another site though…
Lastly, I know you subscribe to the PnF methodology. I also use PnF extensively…are there any excellent resources you could point me to?
Thanks…
Jul 06, 2009
Scott,
Right now we are only trading previous clients accounts. We have not decided on an exact date as to when to open the account to new investors. We hope to do so towards the end of 2009 with the latest date being Jan 1 2010.
Our minimum right now is $100,000 but when we open the managed forex account to new investors then there is a chance we could lower that minimum but that is yet to be determined.
The best resource I have found is the book “The Definitive Guide to Point and Figure” by Jeremy Du Plessis. Other books I have found useful are by Tom Dorsey, however he is much more focused on the equities market.
Jul 27, 2009
Cody,
I would like to speak with you about your managed account and if you want to trade with 6 prime banks. I do not know where you trade now. If you give me a call I would like to tell you about us as unique providor for SUCCESSFUL forex traders. It does us no good to have bad traders with us.
Thank you
Michael King
617-488-2200
Michael.king@summerstreetfx.com