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  • #3,821
  • Sep 17, 2009 11:21am Sep 17, 2009 11:21am
Looks like another .8700 test very soon. Dow dropping nice now; after it went red it pulled back up and then bounced off of yesterdays closing price, which is now acting as resistance.
  • #3,822
  • Sep 17, 2009 11:22am Sep 17, 2009 11:22am
ouch! some of stop taken and kiwi long also close( some of it) pipping both ways

http://img40.imagefra.me/img/img40/2...hm_3b1d9ad.png
  • #3,823
  • Sep 17, 2009 11:24am Sep 17, 2009 11:24am
Quoting thadakman
Looks like another .8700 test very soon. Dow dropping nice now; after it went red it pulled back up and then bounced off of yesterdays closing price, which is now acting as resistance.
thanks Thadakman as i mentioned early 8680 is critical, well i just can hope she break or atleast penetrate it as a bear signal
  • #3,824
  • Sep 17, 2009 11:29am Sep 17, 2009 11:29am
I think to be safe I'm gonna dump half my position (all shorted in the mid 0.8700's) at 0.8700 flat and hold the other half for a bigger move... I'll just plan to short more mid 0.8700's again and then 0.8800 if need be and keep doing that until it finally breaks down... just hoping we can go 0.8500 before 0.9000... I do think we see 0.900s later on the next leg up after the market finally pulls back (bringing AUD under 0.8000 first), that's when I'll finally go long.
  • #3,825
  • Sep 17, 2009 11:30am Sep 17, 2009 11:30am
Quoting ben10
please god 8720 crack
ok 8740 -8720 range place your bet! your call
  • #3,826
  • Sep 17, 2009 11:31am Sep 17, 2009 11:31am
Dows testing that resistance again (yesterday's close); this is such a resilient beast! It just does not want to stay down.
  • #3,827
  • Sep 17, 2009 11:35am Sep 17, 2009 11:35am
Quoting thadakman
I think to be safe I'm gonna dump half my position (all shorted in the mid 0.8700's) at 0.8700 flat and hold the other half for a bigger move... I'll just plan to short more mid 0.8700's again and then 0.8800 if need be and keep doing that until it finally breaks down... just hoping we can go 0.8500 before 0.9000... I do think we see 0.900s later on the next leg up after the market finally pulls back (bringing AUD under 0.8000 first), that's when I'll finally go long.
smart man i like your play or you can also pre plan such as aud/dollar short only and kiwi/dollar long only
  • #3,828
  • Sep 17, 2009 11:40am Sep 17, 2009 11:40am
Quoting thadakman
Dows testing that resistance again (yesterday's close); this is such a resilient beast! It just does not want to stay down.
indicisive on both part but if the sellers has more fat , then the skinny one can not hold the weight anylonger or the other way around, bad analogy
  • #3,829
  • Sep 17, 2009 11:43am Sep 17, 2009 11:43am
Quoting ben10
smart man i like your play or you can also pre plan such as aud/dollar short only and kiwi/dollar long only
Going AUD/Dollar short mixed in with Kiwi/Dollar longs sounds like a great strategy, timing it well AND weaving in and out of both could really add some nice pips to the account; are you scaling in and out when you do that or do you just like to put all units in and out on a certain price?
  • #3,830
  • Sep 17, 2009 11:51am Sep 17, 2009 11:51am
Quoting thadakman
Going AUD/Dollar short mixed in with Kiwi/Dollar longs sounds like a great strategy, timing it well AND weaving in and out of both could really add some nice pips to the account; are you scaling in and out when you do that or do you just like to put all units in and out on a certain price?
thats what i do but use dollar value not unit value,

my observations: when aud/usd down eur/aud up! now watch the price of eur/usd

http://img40.imagefra.me/img/img40/2...om_582f4b5.png
  • #3,831
  • Sep 17, 2009 11:55am Sep 17, 2009 11:55am
Ben10,
Are you trading Forex full-time as a profession or just doing it on the side? and how long have you been trading if you don't mind me asking?
  • #3,832
  • Sep 17, 2009 12:01pm Sep 17, 2009 12:01pm
Quoting thadakman
Ben10,
Are you trading Forex full-time as a profession or just doing it on the side? and how long have you been trading if you don't mind me asking?
thats my dream to be full time trader and im trading for 3 years now on and off
  • #3,833
  • Sep 17, 2009 12:04pm Sep 17, 2009 12:04pm
here we go 8700 is coming
  • #3,834
  • Sep 17, 2009 12:06pm Sep 17, 2009 12:06pm
Quoting ben10
here we go 8700 is coming
Yeah, just got out half the position.
  • #3,835
  • Sep 17, 2009 12:08pm Sep 17, 2009 12:08pm
can you spot gbp weakness right now? gbp/jpy and gbp/usd are down but usd/jpy is flat
  • #3,836
  • Sep 17, 2009 12:09pm Sep 17, 2009 12:09pm
Quoting ben10
thats my dream to be full time trader and im trading for 3 years now on and off
That's my dream too! I got into trading about 18 months ago when the stock market started collapsing and I started with Stocks and Options but have found that I really enjoy Forex more and have been concentrating on that fully now.

Anyway, good luck to both of us in being able to trade full-time in the future!
  • #3,837
  • Sep 17, 2009 12:13pm Sep 17, 2009 12:13pm
Quoting thadakman
Yeah, just got out half the position.
thats good staying with the plan but you can also use another alternative(locking the gain) by long kiwi/dollar, also you can calculate the value of aud/nzd cross synthetic short, then you may attack the cross aka snowballing the profit and hedge at the same time
  • #3,838
  • Sep 17, 2009 12:26pm Sep 17, 2009 12:26pm
say you short aud/usd at 0.8740 and long kiwi at 0.7100

0.8740/0.7100=1.2309 aud/nzd short synthetic. what is the price right now for the aud/nzd ? you can long or buy depend on your style but if you are agressive why not attack with bigger size when chart formation tell it so
  • #3,839
  • Edited 1:15pm Sep 17, 2009 12:30pm | Edited 1:15pm
[/quote]

Ben10, I think the ending diagonal is gonna play out, it seems to me major mid-term top at .8777, a very cute head & shoulder reversal pattern at AUDUSD 1hr chart is clear,also Gold is an ending daigonal at 4hr, I already went short that one too,should be abour 980 till tomorrow close or next week (Mon/Tue) , RRR of the AUDUSD short is great SL(55 pips) TP( around 700 pips) ,what do you think?
Attached Image(s) (click to enlarge)
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  • #3,840
  • Sep 17, 2009 1:52pm Sep 17, 2009 1:52pm
Looks like a double bottom was put in for the day on the AUD (just below 0.8700); tomorrow kinda scares me with the quadruple witching... nevertheless, I'm gonna stick with my plan and add shorts at 0.8750 and 0.8800 (this could easily break tomorrow).

Anyone have any predictions on price tomorrow? 0.8800 break or 0.8600 test seems likely to me.
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