Position Trading AUD/USD

So I had an idea the other week that I'd like to try.. so far the best description is 'averaging the range'. I have no idea where or who trades this but just giving it a go as I have some time so why not journal it.

Mostly I only trade aud/usd but might move to others if it seems workable.

Currently trading the 0.7090 - 0.7150 (60p) range; AvLong 0.7109 AvShort 0.7125

Well that was built over last week and it was all closed out at 0.7121 which seems to be where the volume is now.

Will try buy in again and sell the high 0.7150 (possibly) and then will try stay with a breakout, up or down..

I'm back, had a family emergency.. :/

So looking at long term it seems bullish - If it can break and hold .7120

Will try buy a test back down to .7070 and currently hold a long at .7100

Bugger, wasn't around for the dip but averaged in a little bit lower.. will try hold this until ~0.7125 and on, otherwise I'll be out with a short or two.

Well the break came, currently price is at 0.7240 and I'm back to net-short with only a few early longs open. I will try price into the next consolidation which I guess (hope) will be around 0.7210-0.7215 (maybe 0.7175 if i'm lucky)... and then play it from there.

Here are the zones I will try to use when we open on Monday.

A 42 pip 'green zone' where both long and short are positive, but with a heavy short bias - so if it can range between 0.7120-0.7180 then might try to get long again... not sure yet.

Well I didn't manage to get long enough so sold more at the highs. Hoping it will consolidate in the low volume area between 0.7280 - 0.7230 where I will try buy some at 0.7250 and at the low of 0.7230 (if it gets there).

Got the drop to 0.7250 and brought some more. Forgot how frustrating it can be to buy in and hold without getting taken out as price comes back to b/e.

Watching this channel because I guess others might, plus the most recent/decent volume seems to be at 0.7280 so it might fall back to that price, but will be watching for it to break out of the channel.. if it does I figure 0.7215 might be seen in the short-term.

I'm currently holding ~3% DD after closing some profit, so mostly trying to manage that for now.

Will be watching 0.7250ish on Monday to see if price tries to push through a lot of sellers or if sellers still have strength. I'm guessing price might go down on long-term fundamentals but will wait to see if price action confirms it by pushing higher and failing to break 0.7280ish... if so then I think it will go back to 0.7150-0.7110

Brought some at 0.7170 - my current 'green zone' is negative but price is currently in the middle of that zone just trying to ride price if it leaves that zone.. if that makes sense.

Bit of a wild ride on AUD/USD last night and this morning.. don't get to say that too often


H&S almost too obvious but always a possibility.. so will try to sell at 0.7230-0.7245

Spotted a volume gap that might fail and fill soon.. 0.7180 down to 0.7140

So it didn't fail and looks to test 0.7300 again. Added this account to myfxbook : https://www.myfxbook.com/members/klaatu

the DD is off by 1% and seems delayed and even when I login it is showing positions that don't exist even after updating recently.. so not sure what's up with it, but close enough I guess.

it is nice to see someone practice a live account also i love your small but steady growth and hit rate on aud/usd is good too.
good luck i hope it continues

Yeap, it is a live 'practice' account in order to run a larger account later on and maybe average 10-20-30% a year.. if I can do that with confidence then I will put more money into it - but good point and forgot to mention it. Yes, luck is what I need, lol

While I'm at it, it is also along the lines of the idea that any trade should be manageable. I'm not sure where I heard that but enter long or short in any market and if you can get out of it by minimizing loss and even some gains, then this is possibly what trading is about... I think they call it a random walk, where the past cannot predict the future, so the idea is that any position has more or less the same chance of success.. Of course, I am using price and 'volume' as a guide with the intentions to mostly enter at price extremes, but there is a randomness to it as well ._.

Looking at 0.7240 to see if there is support at that price, if so then I think it might go higher... hoping we test 0.7180 though

Well it happened sooner and faster than I thought, as I figured it wouldn't move to highs on a Friday close.. but it did!

0.7300 has been s/r for a long time, so I figure if 0.73 holds then 0.7470 might be on the cards in a week or two.

There could also be a push back under 0.7300 in order to wash out weak longs and for people to buy in lower (??), so will try buy some on a fall as I need to reduce my short exposure at this price.

Yay, got my drop but didn't really "smash it", so to speak.. but at least my DD is back down.. looking forward I see more BOXES.

I've brought some at 0.7203, will try sell at 0.7235ish

A big buy candle on the one hour with vol>6000 and it's rock and roll .. on the upside ? : 0.7230 is the bottom of the candle so if it fails it could be a quick run down .. still waiting to see if it gets brought again.

Looked like decent supply at the top 0.7280 so will watch to see when it gets bid as I'm expecting it to range somewhere here as it drifts slowly lower on little to no news.

Plus the old pitchfork looks good as we also have a semi H&S forming..