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  • #44,441
  • May 12, 2012 7:58am May 12, 2012 7:58am
Quoting KillerWhale
Me too ..............
  • #44,442
  • May 12, 2012 9:51am May 12, 2012 9:51am
good weekends
aussie alternated between supply and demand zone during week.
now at demand zone .shorters must be careful !!
Attached Image (click to enlarge)
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  • #44,443
  • May 12, 2012 10:15am May 12, 2012 10:15am
Quoting fantom
now at demand zone .shorters must be careful !!
where is your confirmation we are in a demand area? We closed right at the lows, there's no bullish engulfing, higher low, etc. We are now here for the third time as the bulls have done such a bad job at trying to push price up.

Bulls must be careful. Trade the chart and not what you think will happen.
  • #44,444
  • May 12, 2012 10:40am May 12, 2012 10:40am
Quoting Daytrader74
As the AUDUSD fails to maintain the range-bound price action from April, we should see former support around 1.0200 act as new resistance, and we may see the pair threaten the 38.2% Fibonacci retracement from the 2010 low to the 2011 high around 0.9930-50 as it searches for a floor. However, I will be keeping a close eye on the relative strength index as it approaches oversold territory, but a break below 30 should send the pair even lower as market participants turn increasingly bearish against the Australian dollar.
Don't forget the link to that quote.
http://www.dailyfx.com/forex/fundame...BA_Policy.html
  • #44,445
  • May 12, 2012 10:45am May 12, 2012 10:45am
lol
  • #44,446
  • May 12, 2012 11:51am May 12, 2012 11:51am
There is scant good news except for jobs, i am still bearish. At least until parity before a retracement.
  • #44,447
  • May 12, 2012 1:25pm May 12, 2012 1:25pm
Quoting KillerWhale
All in your crystal ball?
And why 1.2860 if I may ask?
No crystal ball Whale....just managing risk/reward and probabilities, as I seem to recall seeing this movie a few times before.

Why 1.2860 area?? Primarily the 23% Fib Level from July '08 Highs to June '10 Lows. Look at your daily and weekly candles and you will see it has been respected repeatedly. Add to that a few other respected trendlines and channels that I have tracked over the long term. They all converge in the same general area of 1.2860-1.2870 area. A confluence of several credible support/resistance levels is reason enough for me to respect the area as well. I'll take profits around there and look for a bounce to short again at a higher level as I believe EU will now trade in a range from 1.30-1.25/1.26 area.

My open positions over the weekend are:
Short AU from 1.0063, no SL and .9960 target. SL will go to 1.0050 after we open on Sunday.
Short EU from 1.2945, no SL and 1.2865 target. SL will go to 1.2920 after we open.

Rationale for no SL....in the event we happen to gap up, I don't want to get stopped out as I would expect us to fade that gap after opening. A gap down however would trigger Stops and drive more selling pressure where I would look to book profits before we close the gap.
  • #44,448
  • May 12, 2012 1:37pm May 12, 2012 1:37pm
Quoting X.work
unfortunately market discount all the forces...LOL
Which is probably the reason why there are no Jedi-traders.


On a more personal note, I suspect a theory of reflexivity may come into play here. *CoughGeorgeSorosWannabeCough*
  • #44,449
  • May 12, 2012 6:51pm May 12, 2012 6:51pm
alot of bears in here maybe ''95''% rough guess, suppose we better sell
  • #44,450
  • May 12, 2012 7:01pm May 12, 2012 7:01pm
Quoting Noobicle
alot of bears in here maybe ''95''% rough guess, suppose we better sell
I will be looking to buy
  • #44,451
  • May 12, 2012 7:49pm May 12, 2012 7:49pm
Quoting Daytrader74
I will be looking to buy
buy????
may i have your reason?

or u just messin with us bears?
  • #44,452
  • May 12, 2012 7:57pm May 12, 2012 7:57pm
Quoting Noobicle
buy????
may i have your reason?

or u just messin with us bears?

I think based on medium term there is some reasonable possibility of a bounch to 1.02 ish area..

Alot of resist at 9980ish might be enough to cause the bounce.

I think there will be alot of people going long around here.

I am looking to tp at 9980 watch for a little then maybe long around 9950 just 1 unit with a sk at 9850 tp goal 1.0150

Fridays bounce took out the resist that was handing in at 1.0060 So the support becomes resist at 1.0020 will be pretty much the only resist all the way to 1.01ish (apart from the small resist that formed around the 1.0080 friday)
  • #44,453
  • May 12, 2012 8:12pm May 12, 2012 8:12pm
Quoting Noobicle
buy????
may i have your reason?

or u just messin with us bears?
My trading system is telling me that its getting closer to a BUY signal
  • #44,454
  • May 12, 2012 8:22pm May 12, 2012 8:22pm
Quoting MitchL
I am looking to tp at 9980 watch for a little then maybe long around 9950 just 1 unit with a sk at 9850 tp goal 1.0150

Fridays bounce took out the resist that was handing in at 1.0060 So the support becomes resist at 1.0020 will be pretty much the only resist all the way to 1.01ish (apart from the small resist that formed around the 1.0080 friday)
oh ok thanks for the heads up mitch but calm down a bit, have a joint or something

relax those mental muscles coz i see a trading overload heading your way possibly

(just trying to help dont yell at me)
  • #44,455
  • May 12, 2012 8:22pm May 12, 2012 8:22pm
Quoting Daytrader74
My trading system is telling me that its getting closer to a BUY signal
ohhh ok
  • #44,456
  • May 12, 2012 8:29pm May 12, 2012 8:29pm
Quoting Noobicle
oh ok thanks for the heads up mitch but calm down a bit, have a joint or something

relax those mental muscles coz i see a trading overload heading your way possibly

(just trying to help dont yell at me)

nah all good .. just like a bit of a rant every now and then
  • #44,457
  • May 12, 2012 8:29pm May 12, 2012 8:29pm
Ever since I started trading FX I don't like weekends anymore
  • #44,458
  • May 12, 2012 8:49pm May 12, 2012 8:49pm
China RR cut..

Will we see Gap up on AUD/USD and NZD/USD

AUD/USD already showing 5 pips up on oanda and 20 pip spread.

What you guys think.. how much gap up if any as trend is down

NZD also have retail sales..results
  • #44,459
  • May 12, 2012 8:59pm May 12, 2012 8:59pm
Quoting Daytrader74
Ever since I started trading FX I don't like weekends anymore
IF you have to trade 1 Billion$ you will not like to trade in FX anymore.
deep RoT is essential for everlasting happyness
  • #44,460
  • May 12, 2012 9:01pm May 12, 2012 9:01pm
@sssex
Which is probably the reason why there are no Jedi-traders.
On a more personal note, I suspect a theory of reflexivity may come into play here. *CoughGeorgeSorosWannabeCough*

man juice will heal your cancer induced cough
deep RoT is essential for everlasting happyness
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