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AUD/USD

  • #43,021
  • Apr 13, 2012 3:30am Apr 13, 2012 3:30am
I have been following you for a while and I've noticed that you have been one of the best trader. I can't see your positions now? Why is that?
  • #43,022
  • Apr 13, 2012 4:52am Apr 13, 2012 4:52am
Quoting tomspin

Edit It could also become a inverted H&S with 1,0443/5 as a neckline
Agree
Use me as a contrarian indicator
  • #43,023
  • Apr 13, 2012 4:58am Apr 13, 2012 4:58am
selling this for 1.0350 Tp1, and 1.0332 TP 2.
  • #43,024
  • Apr 13, 2012 5:12am Apr 13, 2012 5:12am
Quoting Noobicle
y not short and long at the same time, put tight stops an let the winner run free?
Its not a bad idea in certain markets but theres always the chance that if your stops are too tight then both may get entered and both stopped out.. Its happened to me before when the market was ranging and i was waiting for the break...
  • #43,025
  • Apr 13, 2012 6:38am Apr 13, 2012 6:38am
1.0450 going to be retested??
  • #43,026
  • Apr 13, 2012 9:39am Apr 13, 2012 9:39am
AU coming down! Somewhat of a head and shoulder pattern.
Attached Image (click to enlarge)
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  • #43,027
  • Apr 13, 2012 9:57am Apr 13, 2012 9:57am
Quoting Eulogy
side? well i've always enjoyed a side of nice aussie medium steak
mmmmmm steak........
  • #43,028
  • Apr 13, 2012 11:05am Apr 13, 2012 11:05am
For today support ~0350, closed positions already with profit.
  • #43,029
  • Apr 13, 2012 11:27am Apr 13, 2012 11:27am
Quoting FxOracle
For today support ~0350, closed positions already with profit.
My charts said it all. But if China GDP had surprised to the upside it likely would have been very different.
  • #43,030
  • Apr 13, 2012 12:29pm Apr 13, 2012 12:29pm
Any big moves before week ends?
  • #43,031
  • Apr 13, 2012 12:38pm Apr 13, 2012 12:38pm
Quoting playmaker1
Any big moves before week ends?
thats it for the week my friend, u could try some scalping for the remainder of the session ^_^
  • #43,032
  • Apr 13, 2012 12:50pm Apr 13, 2012 12:50pm
Quoting Noobicle
thats it for the week my friend, u could try some scalping for the remainder of the session ^_^
Thanks mate. I will look for best position to exit.
  • #43,033
  • Apr 13, 2012 1:05pm Apr 13, 2012 1:05pm
Quoting Noobicle
y not short and long at the same time, put tight stops an let the winner run free?
If this is your strategy, why not skip going long and short and just do a buy/sell stop to enter when your level is broken. Has the same net effect without the risk of getting Stopped out of both sides.
  • #43,034
  • Apr 13, 2012 1:36pm Apr 13, 2012 1:36pm
Quoting Intrepid32
If this is your strategy, why not skip going long and short and just do a buy/sell stop to enter when your level is broken. Has the same net effect without the risk of getting Stopped out of both sides.
But how would i know what way it might go? I was thinking about it yesturday on chinas gdp anouncement. It was ranging for a few hours between 1.0430-1.054, so to be safe i would have waited for 1 of the levels to be broken. But if i went in around the average say 1.0440 long and short put stops at the range levels maybe couple pips more to be safe, either way the trade goes i could of made my trade back + the pips it finished with. You could also manually stop out the 1 that goes red really fast
  • #43,035
  • Apr 13, 2012 4:27pm Apr 13, 2012 4:27pm
Quoting Noobicle
But how would i know what way it might go? I was thinking about it yesturday on chinas gdp anouncement. It was ranging for a few hours between 1.0430-1.054, so to be safe i would have waited for 1 of the levels to be broken. But if i went in around the average say 1.0440 long and short put stops at the range levels maybe couple pips more to be safe, either way the trade goes i could of made my trade back + the pips it finished with. You could also manually stop out the 1 that goes red really fast
In your example, you go long at 1.0440 with SL at 1.0425 and short at 1.0440 with SL at 1.0455. It broke south, so you would have stayed short and your long would have been taken out at 1.0425. Loss of 15 pips. So your net entry point on the short would be 1.0425 (1.0440-15).

Rather than opening 2 positions and having one stopped out, just place a sell stop order at 1.0425 and a buy stop order at 1.0455. If it breaks south your entry is short at 1.0425. If it breaks north, your entry is long at 1.0455. The 2nd trade never fills and you just cancel it after the move. Same net effect, but you don't get hit with the spread and/or commissions on 2 trades.

Either way, be careful of "slippage" on stop entries or exits around BIG news events. Depending on your broker, you may get filled at a much different price than your stop called for, especially on a move like we got with Aud Employment the other night where we dropped 50 pips immediately.
  • #43,036
  • Edited 5:18pm Apr 13, 2012 5:14pm | Edited 5:18pm
Quoting Intrepid32
...Either way, be careful of "slippage" on stop entries or exits around BIG news events. Depending on your broker, you may get filled at a much different price than your stop called for, especially on a move like we got with Aud Employment the other night where we dropped 50 pips immediately....
Yeah thanks for the info but yeah my broker makes the spreads ridiculous sometimes around big news events (seriously need to find another broker, any recomendations?) so that would make that risky an could end up just trying to catch up to the spread for a while. If you go in on the average (before the spread is changed) of the range, youll make back your pips an commision, just think of it as a 15pip spread on aud/usd that u cant lose. Dont recommend it on all heavy data releases, but there will be a few out there that stand out.

I do not trade like this by the way
  • #43,037
  • Edited 8:20pm Apr 14, 2012 8:04pm | Edited 8:20pm
Some levels im thinking of playing out...

My bullish scenario: Back up to break 1.0440 an then up to test 1.0480, back down to 1.0380 then up to1.0530

My bearish scenario: Break of 1.0355 would send it down to 1.0290 then back up to 1.0320ish but it should struggle around 1.0300 because a break of 1.0290 would send this back into the channel. If not back down to test the bottom area of 1.0240-20

Had a look at the fundamentals this week, expectations looking at the bigger picture are against the USD so i guess im bullish on the aud but it still needs to break another high for me to be confident in it. I think feds QE3 is more likely then a rate cut from AUD

GL
Attached Image (click to enlarge)
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  • #43,038
  • Apr 14, 2012 9:19pm Apr 14, 2012 9:19pm
Quoting Noobicle
Some levels im thinking of playing out...

My bullish scenario: Back up to break 1.0440 an then up to test 1.0480, back down to 1.0380 then up to1.0530

My bearish scenario: Break of 1.0355 would send it down to 1.0290 then back up to 1.0320ish but it should struggle around 1.0300 because a break of 1.0290 would send this back into the channel. If not back down to test the bottom area of 1.0240-20

Had a look at the fundamentals this week, expectations looking at the bigger picture are against the USD so i guess im bullish on the aud but...
I like the bullish part
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  • #43,039
  • Apr 14, 2012 9:20pm Apr 14, 2012 9:20pm
Quoting KillerWhale
I like the bullish part
I have a small trade long in AUD/NZD, wondering if that has any future
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  • #43,040
  • Apr 14, 2012 9:20pm Apr 14, 2012 9:20pm
Quoting KillerWhale
I have a small trade long in AUD/NZD, wondering if that has any future
But it actually doesn't matter much.
The SWAP is positive so why would I care?
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