AUD/USD = EUR/AUD - What in the...? 0 replies
DislikedAUD/USD @ 1.0540
Some nice rangey stuff over night as we bounce between 1.0475 -1.0560
General rule of thumb is as these ranges become obvious expect the unexpected.
Technically it can go either way.. (I knew a girl who... errr doesnt matter)
Pick a range and trade it.. Mines 1.0510-1.0570.. Lets see how we go
Have a great day ..Ignored
DislikedMy broker has a robot called Pacman. Pacman runs on a high-speed server. Pacman's job is to make sure no one blows up his account. Pacman constantly watches for Stop-Losses to make sure they are executed in a timely manner. On the opening, Pacman checks his book. From the short positions he sees Stop-Losses piling up about 50 pips above the price; and from the longs there are Stop-Losses about 50 pips below the price. Also, on both sides of the price the Take-Profits are piling up about 150 pips away (3:1). There are more shorts than longs today; so Pacman runs the price up 50 pips gobbling up the shorts' Stop-Losses; and protecting them from a rally. Then Pacman sees there are now more Stop-Losses down below from the longs; so Pacman runs the price down about 100 pips and gobbles up most of the longs' Stop-Losses, protecting them from a break down. Closing all of these Stop-Losses has also closed out most of the Take-Profits in both directions; so Pacman is free to move the price in either direction without hitting many Take-Profits. Pacman now has a quick look around the world to see which way the price in trending; and heads in the same direction. http://www.forexfactory.com/images/icons/icon8.gifIgnored
DislikedDISCLAIMER: read my sig!
Crystal Clear: N-O-R-T-H (C could be longer, but at least we should see 620 = 38.2%, IMO)
Also consider 61.8% retracement to 710...Ignored
DislikedI don't see any double top, just a double bottom on the hourly chart at best plus there's bullish divergence on the h4, wouldn't go short until at least 1.0470 is broken and retested. This level also happens to be the fib 38 retracement of the uptrend on h4/dailyIgnored
He's something to keep you on the right track with your plan of 1.0570.