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AUD/USD

  • #27,481
  • Jan 20, 2011 10:33am Jan 20, 2011 10:33am
Quoting redsword11
bought @ 0.98533
You have any target in mind? (I'd say 9920 could be fine)

Thanks,
Use me as a contrarian indicator
  • #27,482
  • Jan 20, 2011 10:42am Jan 20, 2011 10:42am
Quoting mrbandwidth
You have any target in mind? (I'd say 9920 could be fine)

Thanks,


assuming we are on the right side of aud ........ will have to monitor PA @ 0.98949, first horizontal and then will see how it behaves
  • #27,483
  • Jan 20, 2011 10:46am Jan 20, 2011 10:46am
Man,

why on earth are you buying, you will get ripped up, after big falls like this the market consolidates. Usually, the move is consolidation, fall below the lowest low, clear the stops out, then retrace up.

The way to trade this is to wait on your paws, for a sideways period, often tommorrow, let it kick down a gear, your order is on the lowest low or 15 pips below, 50 pip stop and look for a retrace of at least 38-50% of the daily candle. I use to do this all the time buying the falling piano, I got flattened, almost gave up trading, threw away all my trading books and used the market as my guide. I stopped trading except demo. I posted a chart with the top to be between 1.00692-1.00904 and specified the turn to within a three hour window, using astrophysics, I will get better on the timing but the price level was good enough.


To me the AUDUSD is going to retrace for sure, but not yet I think.

All the best


Mike Haran

PS sorry I wrote your name incorrectly
  • #27,484
  • Jan 20, 2011 10:50am Jan 20, 2011 10:50am
Quoting Mike Haran
Man,

why on earth are you buying, you will get ripped up, after big falls like this the market consolidates. Usually, the move is consolidation, fall below the lowest low, clear the stops out, then retrace up.

The way to trade this is to wait on your paws, for a sideways period, often tommorrow, let it kick down a gear, your order is on the lowest low or 15 pips below, 50 pip stop and look for a retrace of at least 38-50% of the daily candle. I use to do this all the time buying the falling piano, I got flattened, almost gave up trading, threw...
He is a scalping machine bud.
  • #27,485
  • Jan 20, 2011 11:08am Jan 20, 2011 11:08am
Ahh I see,

scalping is an art, and its hard work, hats off to him. I find it much harder to do and stressful too. I prefer to let the market work for me rather than working the market. But scalping is a talent I much admire.

Good luck

Mike Haran
  • #27,486
  • Jan 20, 2011 11:16am Jan 20, 2011 11:16am
Quoting Mike Haran
Man,

why on earth are you buying, you will get ripped up, after big falls like this the market consolidates. Usually, the move is consolidation, fall below the lowest low, clear the stops out, then retrace up.

The way to trade this is to wait on your paws, for a sideways period, often tommorrow, let it kick down a gear, your order is on the lowest low or 15 pips below, 50 pip stop and look for a retrace of at least 38-50% of the daily candle. I use to do this all the time buying the falling piano, I got flattened, almost gave up trading, threw...

Attached Image (click to enlarge)
Click to Enlarge Name: aud left.jpg Size: 74 KB


Attached Image (click to enlarge)
Click to Enlarge Name: aud.jpg Size: 65 KB




will monitor PA as it develops - from this demand zone this can develop into more than a scalp
  • #27,487
  • Jan 20, 2011 11:53am Jan 20, 2011 11:53am
I see where your coming from Red, no disrespect to your style of trading, I originally thought you wanted to hold the trade. I wrongly assumed that you trade in the same way I do and I tend to go for 150-200 pips on a trade.

After a dead kitty fall like that he's got to bounce up for sure. I like scalping don't get me wrong in fact you can get rich really quick if you know what you are doing. I perfected a technique for it based on reverse engineering a trade history of a girl that turned $900 into $9000 in a month with out a single losing trade. she was lucky on some trades but, she left loads on the table some of her trades would have run for 300-500 pips, and she was grabbing 10-15 sometimes 1 or 2.

I changed it a bit so that your protected if the trade turns and I just leave the trade alone, like you said those scalps can turn into massive trades.

Great to think that you can make money from the market doing just about anything except letting losses run and cutting profit trades short.

Keep up the sterling work.

All the best


Mike Haran
  • #27,488
  • Jan 20, 2011 12:11pm Jan 20, 2011 12:11pm
Quoting Mike Haran
I see where your coming from Red, no disrespect to your style of trading, I originally thought you wanted to hold the trade. I wrongly assumed that you trade in the same way I do and I tend to go for 150-200 pips on a trade.

After a dead kitty fall like that he's got to bounce up for sure. I like scalping don't get me wrong in fact you can get rich really quick if you know what you are doing. I perfected a technique for it based on reverse engineering a trade history of a girl that turned $900 into $9000 in a month with out a single losing trade....




kind regards trader
  • #27,489
  • Jan 20, 2011 12:29pm Jan 20, 2011 12:29pm
Last nights sharp fall in US markets last night may well have been expected to weigh a little on sentiment this morning; but it was confirmation of better than expected Chinese Q4 GDP growth of 9.8%, equating to a 10.3% growth figure for 2010, and only a slight diminution of inflationary pressures to 4.6%, that got investors heading for the exits.

This prompted fears of imminent further fiscal tightening in China in the coming weeks, and prompted further softness in equity markets in Europe and the US.
As a result mining stocks have taken a bit of a beating today and this has seen commodity prices slide lower dragging commodity stocks down with Fresnillo and African Barrick Gold leading the decliners as gold and silver prices drop. Other miners like Xstrata, Anglo American and Lonmin are also lower.

China's more than expected GDP growth figure has taken some of the shine of commodity markets and specifically metals prices with copper slipping back on fears that the People's Bank of China may take further steps to tighten monetary policy.
  • #27,490
  • Jan 20, 2011 12:40pm Jan 20, 2011 12:40pm
DailyFX

The AUDUSD rally from 9804 is a textbook 3 wave correction that follows a 5 wave decline. Waves a and c are equal in size and the advance reversed just short of the 61.8% retracement (of the decline from 10257).
Looking out, a break below 9803 would shift focus to the December low at 9537, the 161.8% extension at 9344, and the August high at 9221.
  • #27,491
  • Jan 20, 2011 1:01pm Jan 20, 2011 1:01pm
Quoting TexasforEX
Howdy Petra.

Long time since you were "thanking Uncle Ben" every day. I think you're going to get new short entries. The greenback looks to soar today and tomorrow. Hope all is well.

I've got shorts on the kiwi from 7703 and aussie from 9977. Aussie daily is setting up as a very sexy pin and kiwi is an even sexier engulfing. Things could get more volatile soon.
Kiwi has smashed thru all support. There is little holding this pair up until the low 74xx's. It's just a matter of time. Over resistance is found first at 7608. Sell any rally the rest of the week.
"Timing Is Everything. Really I Swear It Is"
  • #27,492
  • Jan 20, 2011 2:16pm Jan 20, 2011 2:16pm
Check out this copper chart, Aussie fans
Thu, Jan 20 2011, 18:56 GMT
http://www.forexlive.com
By: Jamie Coleman

Looks a bit ominous...A double top in the $444/445 area with a break of th intervening low at $425 today. We're trading at $426 now. If we are topping out, it could be bad news for Australia and Chile, big copper exporters...


Signs are beginning to look crystal clear
Target 0.8600-0.8900
Hope it helps
Sanks
  • #27,493
  • Jan 20, 2011 4:30pm Jan 20, 2011 4:30pm
somethings up.....broker has upped spread to nearly 5 pips!

Also up on eur/aud to 9 pips!
  • #27,494
  • Jan 20, 2011 4:33pm Jan 20, 2011 4:33pm
Quoting redsword11
Attachment

Attachment



will monitor PA as it develops - from this demand zone this can develop into more than a scalp

Attached Image (click to enlarge)
Click to Enlarge Name: aud.jpg Size: 65 KB


Attached Image (click to enlarge)
Click to Enlarge Name: kiwi.jpg Size: 52 KB
  • #27,495
  • Jan 20, 2011 4:55pm Jan 20, 2011 4:55pm
So 0.9835 is a clear resistance. Aussie trying to go through but up to now failed. Timing indicating that from 1hour and 5 minutes from now could indicate change in direction. If confirmed, i will go for long for parity level, then could reverse and short again to crash down to my target 0.9700. If passed through, Ely target 0.8900 will be easier to see lol.

Nothing is sure in trading and enjoy yours.
Little luck is forex water. Learn all Trading strategies, then forget them.
  • #27,496
  • Jan 20, 2011 5:09pm Jan 20, 2011 5:09pm
that was scalping and a half, well done. Now you are out of the market I expect it to head south :-)

Have a great evening

Mike Haran
  • #27,497
  • Jan 20, 2011 5:28pm Jan 20, 2011 5:28pm
Quoting Alki
Out of the market because that resistance.

indeed, next big and important resistance .965, if that breaks, this little girl favourite candy will fall hard
Logics do not apply in FOREX
  • #27,498
  • Jan 20, 2011 5:40pm Jan 20, 2011 5:40pm
Quoting Alki
this is the next resistance
Before that, there will be a retrace, patterns to be formed ..etc. Forex rarely go straight to target.
Little luck is forex water. Learn all Trading strategies, then forget them.
  • #27,499
  • Jan 20, 2011 5:46pm Jan 20, 2011 5:46pm
Quoting Alki
So 0.9835 is a clear resistance. Aussie trying to go through but up to now failed. Timing indicating that from 1hour and 5 minutes from now could indicate change in direction. If confirmed, i will go for long for parity level, then could reverse and short again to crash down to my target 0.9700. If passed through, Ely target 0.8900 will be easier to see lol.

Nothing is sure in trading and enjoy yours.
I think the high areas (top) are considered Resistances, and the low areas (bottom) are considered Supports.

Just my 2 cents, good trading.
TheCableGuy
  • #27,500
  • Jan 20, 2011 5:49pm Jan 20, 2011 5:49pm
Quoting TheCableGuy
I think the high areas (top) are considered Resistances, and the low areas (bottom) are considered Supports.

Just my 2 cents, good trading.
Right, apaologize for considered in frensh lapsus, but written this time lol. Thanks for correction. I removed my charts.
Little luck is forex water. Learn all Trading strategies, then forget them.
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