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AUD/USD

  • #51,421
  • Aug 13, 2012 12:29am Aug 13, 2012 12:29am
If we break 1.0550 I will go short. At least we will see a retest to 1.0540 and I can set in a BE stop loss for NY open.
  • #51,422
  • Aug 13, 2012 12:31am Aug 13, 2012 12:31am
RSI.. what time frame?

Quoting jplazard
Good morning all,

I was stopped out Friday after that pop. Looking at the RSI now it was oversold and I made a big error of breaking my rule of not following all the entry parameters like buy when RSI is way oversold like Friday's chart shows. I am looking now for a setup but for this week I will only get back to trading a 25tick move I need a good week of solid trades in order to feel more confident about the longer term plays. Best to all of you and look forward to some of your guys analysis.
  • #51,423
  • Aug 13, 2012 1:05am Aug 13, 2012 1:05am
Trader Tan,

here was the chart I posted last week Friday before the NY open and post RBA statement after we sold off on a 1H 30D we were oversold. the price below shows 1.0522 before US gunned for 1400 again and AUD followed suit.

Attached Image (click to enlarge)
Click to Enlarge Name: 2012-08-10-TOS_CHARTS.jpg Size: 149 KB
  • #51,424
  • Aug 13, 2012 1:08am Aug 13, 2012 1:08am
Short 1.0550 Stop at the opening SL: 1.0567. We could reach the lower channel of 1.0541 and go from there. I will move my Stop to BE once we hit the lower channel.

Target:1.0530
  • #51,425
  • Aug 13, 2012 1:47am Aug 13, 2012 1:47am
Looking at the chart AUD/USD setting my stop loss at BE 1.0550 is really not a smart move I face the risk of choppy moves with no direction. We are trading between 50D Simple 200D simple.

SL: reset back to 1.0570
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-08-12-TOS_CHARTS.jpg Size: 140 KB
  • #51,426
  • Aug 13, 2012 3:23am Aug 13, 2012 3:23am
Moving my Stop now to BE as we are now facing some demand at the 0535 level and if we break higher into NY It wont stop at 1.0550. I will let this trade sit until an hour before NY open for review or closure otherwise I am off to scout some Weekly options plays.
  • #51,427
  • Aug 13, 2012 4:06am Aug 13, 2012 4:06am
Stopped out at BE this move has legs I will have to look for entry at higher levels I I expect not to get chopped up like this.
  • #51,428
  • Aug 13, 2012 4:39am Aug 13, 2012 4:39am
It's directionless at the moment.
FF journal: Peaks and Troffs
  • #51,429
  • Aug 13, 2012 4:42am Aug 13, 2012 4:42am
Agreed. I am waiting for NY to Bid the first hour or two to get in at a better level for a short.
  • #51,430
  • Aug 13, 2012 6:00am Aug 13, 2012 6:00am
short 1 in at 565 short 2 waiting at 578
  • #51,431
  • Aug 13, 2012 6:17am Aug 13, 2012 6:17am
Quoting GSGill
short 1 in at 565 short 2 waiting at 578
SL all at 1.059 close half at TP1 1.054 SL moved to BE rest TP 2 1.0518
Rest my case.
  • #51,432
  • Aug 13, 2012 7:06am Aug 13, 2012 7:06am
Dollar looks to be oversold (hourly) at these levels but I will wait for the flood of orders to come through on NY to see if a move lower to 0530 is possible again. Otherwise I have sell limits sitting at 0580 and ST at 0550 S/L 1.0620

If we Break below 82 then I really don't see any shorts nor will I discuss a short on this pair until 1.08 as that is the only next major Fibo Reversal area. If we should break 82 then 1423 on ES looks more and more in sight.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-08-13-TOS_CHARTS.jpg Size: 163 KB
  • #51,433
  • Aug 13, 2012 8:00am Aug 13, 2012 8:00am
PA telling me to get on the sidelines will watch for slowing momentum, it that is the case, Half will be closed and SL will be moved to BE on the rest.
  • #51,434
  • Aug 13, 2012 8:11am Aug 13, 2012 8:11am
Good luck all today I have a Short AUD/USD 0550 open that was initiated per my last post. Looking for 1.0530 or 20 we will see how volume comes through. Keep an eye on Dollar Index it does not look like it will break 82 at least not today.
  • #51,435
  • Edited 9:41am Aug 13, 2012 9:23am | Edited 9:41am
Quoting jplazard
Good luck all today I have a Short AUD/USD 0550 open that was initiated per my last post. Looking for 1.0530 or 20 we will see how volume comes through. Keep an eye on Dollar Index it does not look like it will break 82 at least not today.
I don't have any trade plan to go Long ( Buy ) with this pair so far..and i won't to follow the PA corrections on the smallest TF,i think i can but i won't for few pips , i just go to trade with my own analysis ( Big Map TF )


Success Guys..
Attached Image (click to enlarge)
Click to Enlarge Name: au.jpg Size: 207 KB
It's Designed and Balance
  • #51,436
  • Aug 13, 2012 9:32am Aug 13, 2012 9:32am
Testing the waters with a small long @ 508
  • #51,437
  • Aug 13, 2012 10:23am Aug 13, 2012 10:23am
Quoting GSGill
Testing the waters with a small long @ 508
too early friend, all bourse negative,...wary of china...may be little bounce @ 470....IMHO
  • #51,438
  • Aug 13, 2012 10:37am Aug 13, 2012 10:37am
Watching the 1.0510-1.1.0503 area closely, it came tumbling down and now it looks like it wants to make a little base and head back up per the big buying action last friday. Long term trend is up so until that changes I would like to stay bullish.
  • #51,439
  • Aug 13, 2012 10:45am Aug 13, 2012 10:45am
Quoting tobafx
too early friend, all bourse negative,...wary of china...may be little bounce @ 470....IMHO

I am with You mate..
It's Designed and Balance
  • #51,440
  • Aug 13, 2012 4:16pm Aug 13, 2012 4:16pm
I think price will go up to retest 1.0535 and possibly as far up as 1.0555. But PA over the last week seems to suggest the bull run is becoming exhausted.
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