Trade what you see not what you hope
Short EUR/AUD 1.2234. SL 1.2284 (50 pips). TP 1.2030 (200 pips).
If this trade will not be ok, i think i will take a good holliday, seen all my analysis are almost correct, except when i took a trade
.
Gann himself mention that a trader also has a cycle of winning and loosing trades. Is this my loosing cycle?
If this trade will not be ok, i think i will take a good holliday, seen all my analysis are almost correct, except when i took a trade
.Gann himself mention that a trader also has a cycle of winning and loosing trades. Is this my loosing cycle?
Little luck is forex water. Learn all Trading strategies, then forget them.
I don't trade the news and fundamental. I trade only technical. Chart gives me more than i need. Fundamental gives you many analysis but can never give you a turning point or the power of the move or to which point a retrace can happen and stop, which wave will bring you at a certain level or zone ..etc.
Agreed! My charts tell the NEWS what to do
- #39,972
- Feb 6, 2012 12:57pm Feb 6, 2012 12:57pm
thank you for your time alki I understand what you are saing and I have pretty much the same tehnic but sometimes especially when it comes to big numbers I realized that everything could go nicely your way and then disaster 
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Trade what you see not what you hope
- #39,974
- Feb 6, 2012 2:57pm Feb 6, 2012 2:57pm
- Joined May 2011 | Status: grizzly long gone | 2,427 Posts
Agreed! My charts tell the NEWS what to do
Don't get mad, get even!
- #39,975
- Feb 6, 2012 3:03pm Feb 6, 2012 3:03pm
- Joined May 2011 | Status: grizzly long gone | 2,427 Posts
Don't get mad, get even!
While not a big person on trading the news, I've noticed that price has either gone lower or not done much the day the RBA cuts rates.
There was some good buying most of the US session today however.
up or down?
Today the news presenters are expressing an expectation of a 25pt rate cut, so that is what the market would be expecting (not that I give any weight to news presenters predictions lol), so if it is more or less than that the price should react accordingly. Except of course if the market is really expecting something else that I am unaware of!!
The price may also retrace because it has given up against the strong resistance around 1.8-1.9, or may burst through because it has decided that hitting that wall 3 times this year is enough. I personally think it will retrace a bit to consolidate and gather the steam needed to push through (based on charts plus the fundamentals of the 2 currencies), however if this all happens around rate announcement time I will have to think it is news driven rather than technical.
In other words I really have no idea, but am learning from you lot, thanks
- #39,978
- Edited 6:13pm Feb 6, 2012 3:48pm | Edited 6:13pm
- Joined Aug 2008 | Status: Trader | 3,386 Posts
AUD/USD @ 1.0725
Nothing new here. Stuck in a band as market awaits RBA decision.
Local media are favourable of rate cut and treasurer Swan has already castigated banks if they dont past on rate cuts.
Personally I dont see the need for the cut if banks arent going to pass them on.
The risk today is the topside as market expectation is 0.25pct cut factored in.
I expect 1.0650 to hold and the break of 1.0800 if they dont cut .
EUR/AUD 1.2240
A break of 1.2200 was tested on a spike down and then sideways.
Let see how this performs today as bounce has been capped at 1.2250
GBP/AUD 1.4750
A similar pattern as above with a spike down and then congestion until small short cover.
Both crosses have closed lower which means pressure building on the downside.
Happy Hunting
Nothing new here. Stuck in a band as market awaits RBA decision.
Local media are favourable of rate cut and treasurer Swan has already castigated banks if they dont past on rate cuts.
Personally I dont see the need for the cut if banks arent going to pass them on.
The risk today is the topside as market expectation is 0.25pct cut factored in.
I expect 1.0650 to hold and the break of 1.0800 if they dont cut .
EUR/AUD 1.2240
A break of 1.2200 was tested on a spike down and then sideways.
Let see how this performs today as bounce has been capped at 1.2250
GBP/AUD 1.4750
A similar pattern as above with a spike down and then congestion until small short cover.
Both crosses have closed lower which means pressure building on the downside.
Happy Hunting
- #39,980
- Feb 6, 2012 4:22pm Feb 6, 2012 4:22pm
Nice Sl!!
Short EUR/AUD 1.2234. SL 1.2284 (50 pips). TP 1.2030 (200 pips).
If this trade will not be ok, i think i will take a good holliday, seen all my analysis are almost correct, except when i took a trade
Gann himself mention that a trader also has a cycle of winning and loosing trades. Is this my loosing cycle?
" you can't consume more than you produce "