FX Trend Snagger goes short GBPUSD and AUDUSD

The FX Trend Snagger model has taken two new positions on the close today as the USD has moved sharply higher – short GBPUSD and a fresh short AUDUSD position.

Short GBPUSD
GBPUSD headed back and lower – as indicated in previous updates, the bearish trending signal was already in place, but because of the whipsawing in the market, the model needed a break of the range on the close today and got it. The model is now short 108,000 GBPUSD at 1.5946 (based on an account size of EUR 100k) with a stop placed at 1.6055 bid. The model will look to take profit on half of the position somewhere below 1.5720 – note that there is a fading momentum requirement in addition to the attainment of a price threshold. The stop will begin trailing according to an algorithm if the price moves below about 1.5800.

Short AUDUSD
The previous AUDUSD short was stopped out at the lowered stop and now the market has reversed very sharply again and posted a new six day low – the minimum requirement for re-establishing a new short position (as no long signal was ever triggered). The model is now short 120,000 AUDUSD at 1.0257 (based on an account size of EUR 100k) with a stop placed at 1.0351 bid. The model will look to take profit on half of the position somewhere below 1.0050 – note that there is a fading momentum requirement in addition to the attainment of a price threshold. The stop will begin trailing according to an algorithm if the price moves below about 1.0100.

See trade fills and order confirmations below - the normal PDF update will be available tomorrow morning.