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Quoting damo
If I remember correclty, the prices retraced (nearly 50%), creating a buying opportunity and the price never looked back?
I think there were a couple 9790 9850 both taken out up to 9885
with a short squeeze then the dump.. then the bounce..

Good mkts though..
Still long here from 0.9460
The trend is my friend until it ends when it bends....I see this smashing through parity in the coming hours.....if not no problem as I'm already up 500 pipies
Quoting Daytrader74
Still long here from 0.9460
The trend is my friend until it ends when it bends....I see this smashing through parity in the coming hours.....if not no problem as I'm already up 500 pipies
Thats a loonnnnngg long! Nice trading :-) I wouldnt have the stomach for that. Intraday for me for now!
http://www.news.com.au/business/brea...-1225938722390
Quoting Eulogy
Hi Longdt, I do live in Australia btw, Sydney.
The Government housing boost/grants were anything but a response to stave off depression but rather an opportunity to push prices up to keep all those foreign investors happy. ATM the predominant push in foreign property purchases is coming from Asia, which is also the same place and the sole reason why the mining industry is still doing so well. Something happens there and you're gonna see some serious exodus from the Aussie markets. For the moment I'm really interested in this exchange rate cold...
Hi Eulogy,

I also live in Australia, Brisbane. Nice to meet Australian in this forum .

The Ponzi scheme created by the government will exist longer than our mind can guess just as the stubborn AUD up trend . As long as the housing bubble is not pop, we all will be OK.

BTW, I don't understand the purpose of hedging in FX. What I see is that we only lost spread and swap fee. Could you explain what is the benefit of hedging instead of just close the position and reopen it again! FXCM just introduce zero margin on hedging pair and I know that they will earn the different swap between buy and sell so the more hedge position the more profit they get from traders.

Long.
Quoting damo
I am amazed how many people who have been calling tops and shorts here (and the EUR & GBP forums) in the last two weeks. Posting charts, explaining fundamentals, always fighting the trend. I'm still laughing about how one senior member told me last Tuesday week how that day when the rally started (Tuesday), that if I had some experience I would know that this was only a pull back. Wow.....a pullback that intiated a rally of some 500 pips to historic highs! During this whole time the price has rallied hard, almost without a breath, regardless of...
Damo

The reason for this is none of us know for sure what price will do. When price reaches these significant levels ie: previous major swing highs or even significant round numbers many will take some profits that they have on the table and reduce their exposure.

This generally causes a swing down in price and this is what they are talking about. How big this swing is depends entirely on the sentiment of the vast majority and could be very minor to a complete reversal in trend. This can be a profitable set up if managed correctly, just personal choices really.

We all have our opinions where the market will go but none of us are always right. I can make money being short at the same time you are making money being long, just depends on trading style.

The reason I say this is not to have a go at you but rather to high light that it doesn't hurt to have an open mind. A good example of this is we saw an excellent sell of around march when price retested the 93.50 level, this could easily have gone on to parity but instead dropped like a brick. Horses for courses I say.

I am in Queensland and the mining is all talk of another boom here also, I agree with you though I don't think it will go off like it did before.
Gold up the past 2 hours, AUD down the past 2 hours. Could it be AUD is losing strength?? I hope so but as history has shown, Prob not. haha.
  •  damo
  • | Joined Aug 2010 | Status: Chart Pattern & Trend Trader | 217 Posts
If this happens, I can't see why the RBA will put up rates in the future. I wonder if they had got wind of this prior, influencing their decision to place rates on hold.

http://au.finance.yahoo.com/news/CBA...823371372.html
Trade what you see, not what you think.
Quoting damo
If this happens, I can't see why the RBA will put up rates in the future. I wonder if they had got wind of this prior, influencing their decision to place rates on hold.

http://au.finance.yahoo.com/news/CBA...823371372.html
Yes they threatened.. disgraceful.. Govt shud set up another retail bank to keep these fee gouging bastards honest
Quoting lasty
Yes they threatened.. disgraceful.. Govt shud set up another retail bank to keep these fee gouging bastards honest
iT LOOKS TO ME THE AUSSIE RETRACED TO ABOUT 38.2 FIB AND GOING BACK UP..WILL THIS LAST OR IT WILL RETRACE BACK DOWN??
  •  damo
  • | Joined Aug 2010 | Status: Chart Pattern & Trend Trader | 217 Posts
I don't know if any of you guys have noticed, but volume (futures and tick) has been declining over the last few days. Not that this always matters, I've seen trends climb on low volume, however traditionally this is a sign of weakness.

If someone needs a chart, let me know and I'll dig one up and post.
Trade what you see, not what you think.
Quoting Pipwanderer
iT LOOKS TO ME THE AUSSIE RETRACED TO ABOUT 38.2 FIB AND GOING BACK UP..WILL THIS LAST OR IT WILL RETRACE BACK DOWN??
Since Im holding a short, this thing is probably full steam ahead to the upside.
I probably jinxed you. I am holding a short at 0.9947. Much good it is doing.

Quoting mck6206
Since Im holding a short, this thing is probably full steam ahead to the upside.
Quoting mck6206
Since Im holding a short, this thing is probably full steam ahead to the upside.
i AM ANTICIPATING A RETEST AND THEN DOWN SHARPLY DURING THE LONDON OPEN I DONT TRUST THIS LITTLE SPIKE UP /RETEST. LETS SEE
Quoting Pipwanderer
i AM ANTICIPATING A RETEST AND THEN DOWN SHARPLY DURING THE LONDON OPEN I DONT TRUST THIS LITTLE SPIKE UP /RETEST. LETS SEE

u were too confident IMHO. i could not see anything. its currently higher than 2 YEARS AGO price. where to put stop lost / take profit???
Swinger Club
Will parity (if reached) trigger profit takers or more demand...lots of bearish diveregnce on Timeframes to daily at the moment...

gonna be interesting
Possible bounce down from .9993 how ever its too close to 1.00 to attempt a short. If it does go down Ill be looking for a suitable entry for a retest.

And the same can be said for when it breaks above 1.00 Ill be looking for evidence that it is coming back down and we might get a drop of 50+ pips.
161.8 fib ext of H1 9905-9766...

providing some resistance this time
Did it just Gap Down on the M5 or is that just my broker? (GoMarkets)
no gap here...
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