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AUD/USD

  • #51,121
  • Jul 26, 2012 8:31am Jul 26, 2012 8:31am
Hey everyone,

I am out for a couple weeks I need to take a break as I am not happy with my trading these last three weeks. I watch the dollar fall now today when I should of been in this trade from last week and I have also been on the wrong side of AU all week.

Best of luck to you guys for the rest of this month I will be back soon once I get a clear perspective and start trading like I did when I built my account up several years back.
  • #51,122
  • Jul 26, 2012 9:51am Jul 26, 2012 9:51am
Quoting mrbandwidth
Shazzan!

http://www.comics.com.ve/infografias/567/image1.jpg

Another one:

inverted h&s @ 1H

Theorical target: ~430
Eur-eka!
Use me as a contrarian indicator
  • #51,123
  • Jul 26, 2012 10:02am Jul 26, 2012 10:02am
Quoting jplazard
Hey everyone,

I am out for a couple weeks I need to take a break as I am not happy with my trading these last three weeks. I watch the dollar fall now today when I should of been in this trade from last week and I have also been on the wrong side of AU all week.

Best of luck to you guys for the rest of this month I will be back soon once I get a clear perspective and start trading like I did when I built my account up several years back.
We will look forward to the experience that you always offer. It's a very wise decision that we all have to make at times.
All the best jplazard!

Hope no one got caught in a EUR short trap during the London session.
  • #51,124
  • Jul 26, 2012 11:13am Jul 26, 2012 11:13am
BEWARE BULLS - Next week a bearish seasonal / cycle influence kicks in for a KICK DOWN phase lasting SIX weeks. And NOW we're getting a possible weekly bearish FAKE OUT bar if we hold this pattern thru tomorrow ( lower high - lower low - higher close). Look out !!!
Attached Image (click to enlarge)
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  • #51,125
  • Jul 26, 2012 12:37pm Jul 26, 2012 12:37pm
wow..what a run today after draghi...but can someone explain me..why gbp soared ?
Be the change that you want to change
  • #51,126
  • Jul 26, 2012 1:52pm Jul 26, 2012 1:52pm
Quoting mubinirl
wow..what a run today after draghi...but can someone explain me..why gbp soared ?
Who finally kicked Daddybear out? Bravo...Bravo
  • #51,127
  • Jul 26, 2012 6:52pm Jul 26, 2012 6:52pm
While I'm basically a PA trader, it's hard to ignore the impact that people like Draghi have on the markets and I find it necessary to recognize sentiment when it affects price action the way that it did during the previous two trading sessions!

Mario's speech included the sentence...
"… the ECB is ready to do whatever it takes to preserve the euro...believe me, it will be enough."

that fragment and hopium, rallied risk currencies, some 200 pips or more, especially during the London session as a first analysis of his words.

As the American session matured, and investors poured over the speech, Price Action moved more sideways as analysis pointed out that Draghi's "whatever it takes" is also confined to be "..Within our mandate" of the ECB.

Just wondering if during the Asian session, further fermented thought might bring about a pull back??
  • #51,128
  • Jul 26, 2012 7:24pm Jul 26, 2012 7:24pm
Quoting DonL
While I'm basically a PA trader, it's hard to ignore the impact that people like Draghi have on the markets and I find it necessary to recognize sentiment when it affects price action the way that it did during the previous two trading sessions!

Mario's speech included the sentence...
"… the ECB is ready to do whatever it takes to preserve the euro...believe me, it will be enough."

that fragment and hopium, rallied risk currencies, some 200 pips or more, especially during the London session as a first analysis of his words.

As...
I see some what of a pull back happening...not sure how much though.
Good luck and may the odds be ever in your favor!
  • #51,129
  • Jul 26, 2012 7:40pm Jul 26, 2012 7:40pm
Quoting DonL
While I'm basically a PA trader, it's hard to ignore the impact that people like Draghi have on the markets and I find it necessary to recognize sentiment when it affects price action the way that it did during the previous two trading sessions!

Mario's speech included the sentence...
"… the ECB is ready to do whatever it takes to preserve the euro...believe me, it will be enough."

that fragment and hopium, rallied risk currencies, some 200 pips or more, especially during the London session as a first analysis of his words....

Very keen observation that I hadn't noticed in that way. Thanks so much!
Luck has no place in trading. Leave that for the poker table.
  • #51,130
  • Jul 26, 2012 7:43pm Jul 26, 2012 7:43pm
I would like to say that I was able to capture that risk rally during the London session, but decided to take a tea break just before the speech as I don't usually trade news as being to volatile.

One of my trading partners that takes more risk than I do, got caught short EUR/USD during a potential scalp on resistance, only to find himself very quickly on the wrong side and had to spend hours holding on to a bad trade, waiting for the coming session to retrace.

Times like that prove your nerves and steadiness to not pull a knee jerk reaction of exiting the trade when it is pushing the limits of your risk tolerance.

I prefer to take less risky trades and plan my entrance and exits more thoroughly, but when a trader is caught out, you have to stay calm and think rationally to assess the potential of the trade to come back to your entry. Then you can make a solid decision, of whether to hold on or cut loose and then find a better entry for the next trade.

The hardest part of trading is managing yourself and the risk.
  • #51,131
  • Jul 26, 2012 7:56pm Jul 26, 2012 7:56pm
Quoting DonL
I would like to say that I was able to capture that risk rally during the London session, but decided to take a tea break just before the speech as I don't usually trade news as being to volatile.

One of my trading partners that takes more risk than I do, got caught short EUR/USD during a potential scalp on resistance, only to find himself very quickly on the wrong side and had to spend hours holding on to a bad trade, waiting for the coming session to retrace.

Times like that prove your nerves and steadiness to not pull a knee jerk reaction...
There's a reason why trader need to plan, if one is doing scalping, they must have a stop loss value as well, just in case some shit happen, and do cover the shit that happened, here's what i always do.

Place a buy and sell stop outside of the boilinger or breakout box can be future pricing, not necessarily near to current live rate preferably more than 15 pips away or above current daily resistance or current support, u may actually find yourself filling back the losses u made from getting caught in a risk rally like that.

I also use liquidity %, once i see ForexFactory's liquidity level more than 200% like yesterday, it's a very danger sign that says " DON'T SHORT ME FOR RETRACEMENT YET, look at bigger timeframe for wicks or until a bear comes out "
  • #51,132
  • Jul 26, 2012 8:33pm Jul 26, 2012 8:33pm
Quoting 5percent
There's a reason why trader need to plan, if one is doing scalping, they must have a stop loss value as well, just in case some shit happen, and do cover the shit that happened, here's what i always do.

Place a buy and sell stop outside of the boilinger or breakout box can be future pricing, not necessarily near to current live rate preferably more than 15 pips away or above current daily resistance or current support, u may actually find yourself filling back the losses u made from getting caught in a risk rally like that.

I also use liquidity...
Good on ya 5% That's great advice.

Now back to planning today, updating charts and looking for whatever I have missed that will come back to bite me...
  • #51,133
  • Jul 26, 2012 10:34pm Jul 26, 2012 10:34pm
Quoting DonL
While I'm basically a PA trader, it's hard to ignore the impact that people like Draghi have on the markets and I find it necessary to recognize sentiment when it affects price action the way that it did during the previous two trading sessions!

Mario's speech included the sentence...
"… the ECB is ready to do whatever it takes to preserve the euro...believe me, it will be enough."

that fragment and hopium, rallied risk currencies, some 200 pips or more, especially during the London session as a first analysis of his words.

As...
At least we now know that hopium is still in the air and a pull back has not happened yet. But, will a double top form to last night's high around 1.0421...or will it find resistance at the bearish trend line?
Attached Image (click to enlarge)
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  • #51,134
  • Jul 26, 2012 11:31pm Jul 26, 2012 11:31pm
Quoting 5percent
There's a reason why trader need to plan, if one is doing scalping, they must have a stop loss value as well, just in case some shit happen, and do cover the shit that happened, here's what i always do.

Place a buy and sell stop outside of the boilinger or breakout box can be future pricing, not necessarily near to current live rate preferably more than 15 pips away or above current daily resistance or current support, u may actually find yourself filling back the losses u made from getting caught in a risk rally like that.

I also use liquidity...
Where are you able to see the liquidity in the forex market?
Luck has no place in trading. Leave that for the poker table.
  • #51,135
  • Jul 26, 2012 11:43pm Jul 26, 2012 11:43pm
Quoting Pair-me-up
Where are you able to see the liquidity in the forex market?
You can find the FF market data system here:

http://www.forexfactory.com/market.php

They can be very helpful. They can also be configured to post live data for different forex pairs and current & upcoming news reports. All sorts of good stuff!

  • #51,136
  • Jul 26, 2012 11:47pm Jul 26, 2012 11:47pm
Quoting DonL
You can find the FF market data system here:

http://www.forexfactory.com/market.php

They can be very helpful. They can also be configured to post live data for different forex pairs and current & upcoming news reports. All sorts of good stuff!


Thanks so much. Trying to learn this stuff. Trying to be a better PA trader.
Luck has no place in trading. Leave that for the poker table.
  • #51,137
  • Jul 27, 2012 12:08am Jul 27, 2012 12:08am
Quoting Pair-me-up
Thanks so much. Trying to learn this stuff. Trying to be a better PA trader.
Now that's something that we are all trying to master!!
The future depends on it!
  • #51,138
  • Jul 27, 2012 12:13am Jul 27, 2012 12:13am
Quoting DonL
Now that's something that we are all trying to master!!
The future depends on it!
I just started looking at the AUD/USD pair as it fits my time zone better. I usually wake up just before the Australia stockmarket opens and by early afternoon I can see Frankfurt and London open. By New York, it seems to wither away. So, hopefully this will be my favorite pair.
Luck has no place in trading. Leave that for the poker table.
  • #51,139
  • Jul 27, 2012 1:02am Jul 27, 2012 1:02am
Quoting Pair-me-up
I just started looking at the AUD/USD pair as it fits my time zone better. I usually wake up just before the Australia stockmarket opens and by early afternoon I can see Frankfurt and London open. By New York, it seems to wither away. So, hopefully this will be my favorite pair.
The Aussie is definitely an interesting currency to trade. It has some attributes that will take some time to understand in how it reacts and responds to outside actions and the events that take place in countries other than Australia.
I do trade other currencies but always find myself gravitating back to the AUS.

It's price action can do exactly what you might expect and then at other times we have to look hard for the underlying reason that it has moved opposite to what you originally thought. Just keep in mind that there is always a good reason for the move that you just haven't found yet!

In this current world climate it can be a bit like a gas filled balloon... you can push it down but due to the economic climate and interest rate differential, it seems to want to float when you would normally think it should be sinking!!

All the best!
  • #51,140
  • Jul 27, 2012 1:41am Jul 27, 2012 1:41am
Great sunny day in NZ

New to this pair
so any tips
I trade small
to reduce stress an risk
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