Continuous rise in the last ten days or so hopefully helps this thread to get rid of that lout Ely, who recently completely hijacked it for his stupid theories. Should he appear anew, I suggest that administrator block his access once and for ever. There is surely a reason: his coarse language and impolite attitude towards other traders, to say nothing of the danger for newbies, his waffles may bring...
I have a simple strategy for this pair.. this pair has gone to a territory which was never traded before.. I had short this pair at 1.0170 and the price has moved up to 1.0230 now.. I will wait and see if it can come down or else..i will short another one (x2) if the price reaches 1.0370 and will break even at price 1.0270 when the price retreats and sell for 1 lot from there.... green pips to all
I have a simple strategy for this pair.. this pair has gone to a territory which was never traded before.. I had short this pair at 1.0170 and the price has moved up to 1.0230 now.. I will wait and see if it can come down or else..i will short another one (x2) if the price reaches 1.0370 and will break even at price 1.0270 when the price retreats and sell for 1 lot from there.... green pips to all
Ignored
Adding to an existing trade will only work if leveraged lightly. If not, it will destroy your account in no time . Be extremely careful.
Consider the following numbers and see if you can work out what they mean:
-1; -2-1; -3-2-1; -4-3-2-1; -5-4-3-2-1.
The all time high is important... even if miles away. I agree, the price can never bee too high or too low but retracements do happen , especially after a number of uptrending days. I am short at 1.0245 with a tight stop... can't wait to see what happens.
Continuous rise in the last ten days or so hopefully helps this thread to get rid of that lout Ely, who recently completely hijacked it for his stupid theories. Should he appear anew, I suggest that administrator block his access once and for ever. There is surely a reason: his coarse language and impolite attitude towards other traders, to say nothing of the danger for newbies, his waffles may bring...
Ignored
Rubbish .... Because price levels have moved strongly against his positions, he should be banned? Thats absurd.
Sure many of us may stand on a soap box once in a while but thats what forums are for - to voice opinions.
What if he were correct, i'll be all good then right?
The all time high is important... even if miles away. I agree, the price can never bee too high or too low but retracements do happen , especially after a number of uptrending days. I am short at 1.0245 with a tight stop... can't wait to see what happens.
Ignored
you missed the point, i'm not saying its not important, i'm saying that it was higher than now in respond to the post that it wasnt.....
and i agree with what you said..... retracement do happen esspecialy that we have double top..... daily .... 25.03 ------ 12.31.10
i'm looking to short it too.... cauz even if it breaks the top it should go dowb to pick up some momentum...
Rubbish .... Because price levels have moved strongly against his positions, he should be banned? Thats absurd.
Sure many of us may stand on a soap box once in a while but thats what forums are for - to voice opinions.
What if he were correct, i'll be all good then right?
Cmon.... calm down.
Ignored
What about trying to read a post before you jump on your keyboard? I said the man uses insulting and foul language and this is not allowed generally, therefore the ban. The fact that he hijacked the thread and that his forecasts are as stupid as any forecast can be is another thing. That was the reason for starting new thread, where he is not allowed to post - does it say anything to you?
So, once more: next time kindly read a post carefuly before you answer and don't make yourself a fool...
What about trying to read a post before you jump on your keyboard? I said the man uses insulting and foul language and this is not allowed generally, therefore the ban. The fact that he hijacked the thread and that his forecasts are as stupid as any forecast can be is another thing. That was the reason for starting new thread, where he is not allowed to post - does it say anything to you?
So, once more: next time kindly read a post carefuly before you answer and don't make yourself a fool...
Ignored
I agree. I am concerned that many new traders got taken in by Ely's "analysis" that AUS will soon crash to 0.9600 in no time and start shorting the AUS without justification. By all means, short scalp the AUS but don't engage in a long-term swing trade thinking that it will drop below the 0.9600 within 24 hours. The interest differential is deadly. I fear to think how many newbies went shorting the AUS based purely on Ely's news postings which appears to be based on a personal agenda. Nothing against the man, but something needs to be said about the accuracy of his "scientific calculator".
What about trying to read a post before you jump on your keyboard? I said the man uses insulting and foul language and this is not allowed generally, therefore the ban. The fact that he hijacked the thread and that his forecasts are as stupid as any forecast can be is another thing. That was the reason for starting new thread, where he is not allowed to post - does it say anything to you?
So, once more: next time kindly read a post carefuly before you answer and don't make yourself a fool...
Ignored
Conflict is what you seek... an argument perhaps. Find a stone or tree to create strife with... its a pointless act.
Joined Oct 2006
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Status: Infinite Possibilities
|541 Posts
Shorting without justification isn't all bad is it? Justification is usually relative anyways... I mean, the AU tendency is to fall a lot faster then it rises, right... so that's enticing... after all, for the last 26 weeks we haven't seen much as far as New Highs... why is this? We are at that high now, that hasn't broken.... yet... so until it does, I'm shorting the sh*t out of it. I'm guessing the 26 week channel, which does point up, will be broken soon enough. Im just saying, that although I didn't like Ely's style, his style is one side of what makes the market and he's entitled to it, and Newbies don't need protecting, as they have to be exposed, to "learn" this dog eats dog lifestyle, one way or the other.
I agree. I am concerned that many new traders got taken in by Ely's "analysis" that AUS will soon crash to 0.9600 in no time and start shorting the AUS without justification. By all means, short scalp the AUS but don't engage in a long-term swing trade thinking that it will drop below the 0.9600 within 24 hours. The interest differential is deadly. I fear to think how many newbies went shorting the AUS based purely on Ely's news postings which appears to be based on a personal agenda. Nothing against the man, but something needs to be said about...
Shorting without justification isn't all bad is it?
Cheers!
Ignored
Shorting just because it is too high is the same as trying to guess the top or the bottom. I do not think this is the most efficient technique of trading, still, if you have a decent equity and small units to trade, you can use averaging to find the extremes.
I, however, think that specifically with this pair the effort of finding the top is too expensive to be worth trying.
Joined Oct 2006
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Status: Infinite Possibilities
|541 Posts
Trading with Support and Resistance is a major part of my strategy... Plus divergence is even better.
With proper STOP LOSS in Place of course!
We could well see 1.0400 today... But for the sake of the trade I'm in, that doesn't matter
That aside, I am not shorting because I believe it's too high. I'm shorting because I believe the odds of former high holding, are a viable risk I'm willing to take... plus there was pause, in price, with a hangman forming on the H4, so why not
Shorting just because it is too high is the same as trying to guess the top or the bottom. I do not think this is the most efficient technique of trading, still, if you have a decent equity and small units to trade, you can use averaging to find the extremes.
I, however, think that specifically with this pair the effort of finding the top is too expensive to be worth trying.
you missed the point, i'm not saying its not important, i'm saying that it was higher than now in respond to the post that it wasnt.....
and i agree with what you said..... retracement do happen esspecialy that we have double top..... daily .... 25.03 ------ 12.31.10
i'm looking to short it too.... cauz even if it breaks the top it should go dowb to pick up some momentum...
anyway whats your tp ?
Ignored
probably around the 1.0025 region ...depends on momentum
