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AUD/USD

  • #24,961
  • Nov 5, 2010 5:45am Nov 5, 2010 5:45am
A break of 1.0100 should take us to the 1.0060 area and possible bounce back up to the weekly pivot R2.

AUD/USD M5 (01/11-05/11)
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  • #24,962
  • Nov 5, 2010 5:49am Nov 5, 2010 5:49am
Quoting mrbandwidth
I will short at 1.0170...

TP: 1.0100
1.0103 -> closed
Use me as a contrarian indicator
  • #24,963
  • Nov 5, 2010 6:18am Nov 5, 2010 6:18am
h4 ascending channel
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  • #24,964
  • Nov 5, 2010 6:24am Nov 5, 2010 6:24am
The minor cycles are red, the major cycles are blue, yesterday we got a minor cycle and major cycle fall together, my price range for a potential reversal is shown.

Technically we are in a position where we are at a .618 projection of the initial impulse wave, so yes for me this is a point of reversal. Once I get into a trade I am very fast to advance my stop, because if I am right the market will not come back and stop me out.

I also trade with 2 contracts so that if I get a move in the direction I am trading I can close one contract to cover my initial stop. So from that point on I am in a risk free trade.

Of course the trend is up and its a contra trend trade, but its not based on the fact I think its too high, its based on price projections and timing cycles.

Mike Haran
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  • #24,965
  • Nov 5, 2010 6:45am Nov 5, 2010 6:45am
With NFP coming in less than an hour whats the expectaions to lower this ascending bitch
who raped silver !
  • #24,966
  • Nov 5, 2010 7:22am Nov 5, 2010 7:22am
Quoting kfx3001
With NFP coming in less than an hour whats the expectaions to lower this ascending bitch
Maybe a fall to ~1.0050...

Then, up again.
Use me as a contrarian indicator
  • #24,967
  • Nov 5, 2010 8:23am Nov 5, 2010 8:23am
For a couple of people that asked me about the time and price zone for the top zone. Also you can see why elliot 5 waves are such a load of balony, unless you choose to ignore wave 3 and 4.

Regards to you all


Mike Haran

P.S to those of you trading NFP there is a really easy technique that is based on the release and does not involve a range break out that is the kiss of death to most accounts.

If anyone wants to know just drop me a pm, I won't go into it here as this is an AUDUSD thread.
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  • #24,968
  • Nov 5, 2010 9:13am Nov 5, 2010 9:13am
We see the violation of the up trendline of USD index in the weekly chart. This trendline with the lowest of 17/03/2008 and 23/11/2009. I expect to see a pullback this week and retest next week. If this trendline is broken, USD index of 74.30-74.50 to be expected.

This outcome is high probability as we see uptrend in all major currency in term of USD.
  • #24,969
  • Nov 5, 2010 9:16am Nov 5, 2010 9:16am
Short 7 mini lots @ 1.0141
  • #24,970
  • Nov 5, 2010 9:24am Nov 5, 2010 9:24am
Today, we start to see the effect of AUD appreciation on trade balance of Australia. Expect to see decline trend in the coming month.
  • #24,971
  • Nov 5, 2010 9:31am Nov 5, 2010 9:31am
Dow Jones Ind just broke out yesterday. Next resistance is expected 11,870. Pull back might be eyed until then. Any short of AUD is against the trend, so profit target should not set too high. Remember to cut loss as needed.
  • #24,972
  • Nov 5, 2010 10:59am Nov 5, 2010 10:59am
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  • #24,973
  • Nov 5, 2010 11:06am Nov 5, 2010 11:06am
Red,

Glad to see someone stepped in here with me on this short. Starting to get worried EUR getting all the action, when is it our turn?
  • #24,974
  • Nov 5, 2010 11:14am Nov 5, 2010 11:14am
Quoting usapgapro
Red,

Glad to see someone stepped in here with me on this short. Starting to get worried EUR getting all the action, when is it our turn?


some EU tech for all the aud fans


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l am targeting around 1.01232 on aud - whats your thoughts?
  • #24,975
  • Nov 5, 2010 11:35am Nov 5, 2010 11:35am
Quoting TraderZer0
Great advice DMA Trader. Rookie traders should print your post out and tape it to their monitors.
DMA

Just question on trend.. do you define this as the largest overall trend?
  • #24,976
  • Nov 5, 2010 11:46am Nov 5, 2010 11:46am
Quoting redsword11
some EU tech for all the aud fans


l am targeting around 1.01232 on aud - whats your thoughts?
Just glancing at my chart my S/R reads 1.01254 so I'm glad we matchup. After that I am showing 1.0063.

I am not really a scalper and am targeting 1.00000 before I am looking to take any off. Before it gets there I am hoping to add another 3 mini lots to go along with my 7 already in play so I can work with $10pips on the way down.
  • #24,977
  • Nov 5, 2010 12:14pm Nov 5, 2010 12:14pm
Quoting redsword11

l am targeting around 1.01232 on aud - whats your thoughts?
1.01030
Use me as a contrarian indicator
  • #24,978
  • Nov 5, 2010 12:16pm Nov 5, 2010 12:16pm
thanks for the feedback
  • #24,979
  • Nov 5, 2010 1:11pm Nov 5, 2010 1:11pm
Quoting usapgapro
Just glancing at my chart my S/R reads 1.01254 so I'm glad we matchup. After that I am showing 1.0063.

I am not really a scalper and am targeting 1.00000 before I am looking to take any off. Before it gets there I am hoping to add another 3 mini lots to go along with my 7 already in play so I can work with $10pips on the way down.

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l have found this pair as a good indicator for kiwi turning, its demand zones have proven useful to me in the past - kiwi turning and aud just reacted bearish as GN approached historic lows
  • #24,980
  • Nov 6, 2010 10:24am Nov 6, 2010 10:24am
If the rally continues, I expect AUDUSD to hit 1.03 and perhaps 1.04. From there a pullback should happen, but I dont expect much down force, since the $$ is being trashed due to QE2 and when that doesnt work, who knows we might have QE3, 4, etc? I guess the fed idea is: if it didn't work the first time, let's try a second, a third, a so on. Anyways how much is going to cost to print 6 billion $$? Probably a couple millions in paper and ink plus electricity and wages.
In future dictionaries you will find in the description of insanity a picture of the US Fed Bank.
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