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AUD/USD

  • #27,061
  • Jan 11, 2011 4:13pm Jan 11, 2011 4:13pm
I'm currently in a short position. I was just thinking that perhaps scaplers may have seen the sudden drop not due to any news that I know of as a chance to have a quick buy in and push the price back up to 0.9870.
  • #27,062
  • Jan 11, 2011 4:13pm Jan 11, 2011 4:13pm
Quoting stock
You are a bull? c'mon how can you still believe this thing will go up again?!
News due out at 7:30... buttt we are forming an ascending triangle here... and it's using the S1 as it's ceiling... Fireworks will ensue if it breaks the upper barrier, or at least, that's generally how these things work. Could break down just the same, doesn't matter to me. I'm here to play the reaction to the levels... not to predict.

http://img808.imageshack.us/img808/4906/au60.gif
  • #27,063
  • Jan 11, 2011 4:15pm Jan 11, 2011 4:15pm
Quoting stock
You are a bull? c'mon how can you still believe this thing will go up again?!
often bad news aint a bad time to buy
  • #27,064
  • Jan 11, 2011 4:15pm Jan 11, 2011 4:15pm
I'm not trading it at the moment... I'm not greedy.

So be calm, wait for the news or maybe not

It is your choice, for me it looks like the US and London session kept this thing high, but now is crushing under its own weight!
  • #27,065
  • Jan 11, 2011 4:19pm Jan 11, 2011 4:19pm
I don't usually trade until after Japan opens unless there is a news event. I just turned on the the computer and saw a set up I liked. 5 minutes later down we go.
  • #27,066
  • Jan 11, 2011 4:20pm Jan 11, 2011 4:20pm
Price made it's move at the closing of NY and the opening of Sydney, after seeing the first Red 5m candle, I waited for the pullback and entered my 1st trade of the day SHORT.

I exited with just +10 pips in expectation of a stall, but since then it has went lower.

Will monitor the strength of the downward slope for re entry shorts.
Attached Image (click to enlarge)
Click to Enlarge Name: AU 5m Short.jpg Size: 121 KB
  • #27,067
  • Jan 11, 2011 4:21pm Jan 11, 2011 4:21pm
Quoting stock
I'm not trading it at the moment... I'm not greedy.

So be calm, wait for the news or maybe not

It is your choice, for me it looks like the US and London session kept this thing high, but now is crushing under its own weight!
Looks like triangle invalid now. Back to S2... kerthunk!

That, ladies and gentleman, is why you only trade triangles once confirmed.
  • #27,068
  • Jan 11, 2011 4:24pm Jan 11, 2011 4:24pm
Rings you any bell?

You SHOULD HAVE SEEN IT COMING!

http://img585.imageshack.us/img585/1319/audl.jpg
  • #27,069
  • Jan 11, 2011 4:26pm Jan 11, 2011 4:26pm
Breaking on the south side, heading to the .983 S1 Pivot Point, next target - yesterdays low...

If it stays below, then it pretty much affirms the reversal and trendline breakage.
  • #27,070
  • Jan 11, 2011 4:30pm Jan 11, 2011 4:30pm
Quoting zipfur
Breaking on the south side, heading to the .983 S1 Pivot Point, next target - yesterdays low...

If it stays below, then it pretty much affirms the reversal and trendline breakage.
This daily candle is making the power of the down move pretty clear.
  • #27,071
  • Jan 11, 2011 4:39pm Jan 11, 2011 4:39pm
drop 60 PIPS already...what's next???
with no news ??? or news about home prices been leaked?
Home Prices are badddddd!!!!
  • #27,072
  • Jan 11, 2011 4:42pm Jan 11, 2011 4:42pm
Looking good for the trendline breakage, from early June. Shorts should be jumping in soon after confirmation/pullback completion.

"Breakage of 0.9830 will be a first alert of medium term reversal and focus will turn to 0.9536 for confirmation. On the upside, above 0.9991 will dampen this bearish case and flip bias back to the upside for recovery."
  • #27,073
  • Jan 11, 2011 4:42pm Jan 11, 2011 4:42pm
Now the wait for the move up... I had the 9810 marked on the major fib for bounce.... and were holding the daily low of yesterday at 9818.

Soon enough will be some more pips here..

Cheers
  • #27,074
  • Jan 11, 2011 4:43pm Jan 11, 2011 4:43pm
Regardless of news or no news...this is the correct behaviour for "Over Valued" currency's.

Price target remains 0.8600-0.8900
  • #27,075
  • Jan 11, 2011 4:43pm Jan 11, 2011 4:43pm
Quoting aarontdang
drop 60 PIPS already...what's next???
with no news ??? or news about home prices been leaked?
Home Prices are badddddd!!!!
aarontdang: based on Reuters news feed, RBA board member McKibbin told the Sydney Morning Herald that Queensland floods could knock up to 1% off Australia's GDP growth.

Thats why it fell like that
  • #27,076
  • Jan 11, 2011 4:44pm Jan 11, 2011 4:44pm
I'm waiting for a reversal to .9850/.9860 before going short..
  • #27,077
  • Jan 11, 2011 4:46pm Jan 11, 2011 4:46pm
Quoting Hda
aarontdang: based on Reuters news feed, RBA board member McKibbin told the Sydney Morning Herald that Queensland floods could knock up to 1% off Australia's GDP growth.

Thats why it fell like that
that news been out for like 6-9 hrs already... its been prices in the market
  • #27,078
  • Jan 11, 2011 4:47pm Jan 11, 2011 4:47pm
Next support level at .9716. And hope .9821 holds
  • #27,079
  • Jan 11, 2011 4:48pm Jan 11, 2011 4:48pm
Quoting Hda
aarontdang: based on Reuters news feed, RBA board member McKibbin told the Sydney Morning Herald that Queensland floods could knock up to 1% off Australia's GDP growth.

Thats why it fell like that
When it rains, it pours for sure. Just based off of the trend, unless you know you are going for contrarian trend trades, should have been short, and has been short since the beginning of last week.

I currently have no open positions in A/U, just a few quick scalps today.
  • #27,080
  • Jan 11, 2011 4:53pm Jan 11, 2011 4:53pm
Quoting Venice
When it rains, it pours for sure. Just based off of the trend, unless you know you are going for contrarian trend trades, should have been short, and has been short since the beginning of last week.

I currently have no open positions in A/U, just a few quick scalps today.
That is the right approach, the 9800 should bounce price until Asia opens, that is my expectation.

Scalping 10 here and there is the way to trade a current bottom on this pair.

Cheers and many pips.
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