AUDNZD - Daily Set Up

Hey guys,

I've got a long setup on the AUDNZD.  The pair has been in a downtrend since February of this year, but is touching the lower boundary of the up trend that has bee dominating the direction of the pair dating all the way back to August of 2005.  For this reason, I think that the longterm uptrend should continue near current levels, and a reversal to the short term downtrend is due.  My strategy for this trade involves two targets - at the first target I am taking partial profits (60-80% of my position) and moving my stop loss to break even.  This locks in a healthy profit, and allows the trade to run for even greater profits at NO RISK as profits have already been taken and the stop is at break even.  This is a simple strategy that can seriously increase rewards while decreasing risk.  Some traders have a hard time letting their profits run because they want to take the money and get out.  By taking partial profits you satisfy this need to take profits, and allow a smaller portion of the trade to add significant gains.  At the end of a trading year it is possible that you have multiple small positions open that amount to a nice little equity train.  To get the proper position size for your account and risk tolerance please make sure to download my risk calculator. DOWNLOAD

I have entered:

Long: 1.3100

Stop: 1.3020

Profit 1: 1.3200 (close 60-80% of position)

Profit 2: 1.3400 (close the rest of the position)