Trade Update

Looks like the AUD/USD pair I am long on is just treading water. Down a little, I am surprised that I was not stopped out at .80850 (which is my S/L) a couple of hours ago. Amazingly enough, the bar that closed at 5:00 p.m. closed only 2 pips above it...at .80890!

This is important, because Bob Iaccino does not recommend specific prices or stops to place (not allowed.) He gives me 'areas', and it's my job to determine where to set up my trades based on my risk parameters. Usually, Bob will say the range can be more or less then 20 pips or so from the 'area' he uses for his trades.

In this case, I chose a point that was exactly 21 pips away from his .8106 area...and the low of the bar went as far as 17 pips away from the area we were given. To determine the stop, I looked at the only bar that came close to this, and that occurred on July 20 at 10:15 a.m. So I decided to go with a stop that was a couple of pips lower then that low...and it was just enough (of course the trade is still open, and therefore anything can happen still.)

Pair is at .8145 as of writing.