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AUD/USD

  • #52,661
  • Sep 24, 2012 8:33pm Sep 24, 2012 8:33pm
we know you want to break higher
  • #52,662
  • Sep 25, 2012 12:53am Sep 25, 2012 12:53am
I was mistaken on the safest target. I should've looked back at the other charts to see if there was a lower price. Seems like the 4H held that prize that time.

Either this is a flag, or a small channel up.

As soon as I was about to post this, I looked at the chart real quick and there was some action to be traded. I like that.

1H
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Play the players, not the cards.
  • #52,663
  • Sep 25, 2012 12:59am Sep 25, 2012 12:59am
A lot of nothing happening on this pair. just got out of my long. Flat for now.
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FF journal: Peaks and Troffs
  • #52,664
  • Sep 25, 2012 6:07am Sep 25, 2012 6:07am
Took short in AU at 1.0414 stop at 1.0454
target 1 : 1.0388
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Forex Learner
  • #52,665
  • Sep 25, 2012 7:39am Sep 25, 2012 7:39am
Quoting rkr81
Took short in AU at 1.0414 stop at 1.0454
target 1 : 1.0388
Right to the pip, sadly on the wrong side.
Don't get mad, get even!
  • #52,666
  • Sep 25, 2012 7:45am Sep 25, 2012 7:45am
This is why I keep thinking of a wedge or flag.

4H /DX
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Play the players, not the cards.
  • #52,667
  • Sep 25, 2012 9:16am Sep 25, 2012 9:16am
Quoting rkr81
Took short in AU at 1.0414 stop at 1.0454
target 1 : 1.0388
curious to know why you shorted and why you placed your stop at 54? Why did you not place your stop at 25?
  • #52,668
  • Sep 25, 2012 9:21am Sep 25, 2012 9:21am
add -1 @452. 460 might be the high. SL for the 2 lots @470.
Don't be smart. Be rich.
  • #52,669
  • Sep 25, 2012 9:36am Sep 25, 2012 9:36am
Quoting Compulsive
curious to know why you shorted and why you placed your stop at 54? Why did you not place your stop at 25?
This could be the explanation.
Attached Image (click to enlarge)
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Don't be smart. Be rich.
  • #52,670
  • Sep 25, 2012 11:17am Sep 25, 2012 11:17am
Hey guys. How are you? Possible diamond formation there on aussie.

Green pips to all!
Attached Image (click to enlarge)
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Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
  • #52,671
  • Sep 25, 2012 12:41pm Sep 25, 2012 12:41pm
Quoting Mr.C
Hey guys. How are you? Possible diamond formation there on aussie.

Green pips to all!
Hi Mr.C,
the exit is north or south ?
Don't be smart. Be rich.
  • #52,672
  • Sep 25, 2012 12:44pm Sep 25, 2012 12:44pm
I expect a close <425 for this H4 bar. If not I'll exit my positions. I'm just fed up with this range. Yen crosses are more risky but at least there are more pips to win and loss.
Don't be smart. Be rich.
  • #52,673
  • Sep 25, 2012 1:25pm Sep 25, 2012 1:25pm
So far so good. Now we need a H1 close < 410 and NY close <400 would be great.
Don't be smart. Be rich.
  • #52,674
  • Sep 25, 2012 1:27pm Sep 25, 2012 1:27pm
Quoting maximinus
Hi Mr.C,
the exit is north or south ?
The main diagonal of the formation is pointing north so the exit should be south. These are the rules. But it is a bit early to predict. Depends on the near future PA. The magnet might become one of the TL's. The one that will get the third touch first might become the zone more likely to be penetrated. We are now going to lower TL. If we will get another touch there - we might get a pullback. Then I would look for a logical short order.

These are quite hard to predict formations. We might also get in after the break as the size of the diagonal is the way the price usually travels after getting out of the formation: ~150 pips with this example.
Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
  • #52,675
  • Sep 25, 2012 1:30pm Sep 25, 2012 1:30pm
Quoting Mr.C
The main diagonal of the formation is pointing north so the exit should be south. These are the rules. But it is a bit early to predict. Depends on the near future PA. The magnet might become the TL's. The one that will first get the third touch is about to be the zone more likely to be penetrated. We are now going to lower TL. If we will get another touch there - we might get a pullback. Then I would look for a logical short order.
Thanks explanation very clear.
Exited 1. Will re-enter later if confirmation, for me NY close under 400.
Don't be smart. Be rich.
  • #52,676
  • Sep 25, 2012 1:40pm Sep 25, 2012 1:40pm
Quoting maximinus
Thanks explanation very clear.
Exited 1. Will re-enter later if confirmation, for me NY close under 400.
My pleasure.

It might reshape a bit. I don't like the idea that the weekly main move is still pointing up. So the situation is a bit ambiguous at the moment and we need something more here as a confirmation. Diagonal is just the rule - I know from my experience that sometimes it makes surprises. I usually have these kind of pictures on my list as I like trading what I see and not the expectations. But the upper TL (if we would get the third touch on the lower TL first) would be my idea for a short order. Tomorrow will show more. Will update on my twitter.

Good luck guys!
Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
  • #52,677
  • Sep 25, 2012 1:40pm Sep 25, 2012 1:40pm
Just for info. GU could tank very deep. With a SL @6222, you have a good trade IMO.
Don't be smart. Be rich.
  • #52,678
  • Sep 25, 2012 2:09pm Sep 25, 2012 2:09pm
Be prepared for a bounce at 394/8386. See my hourly chart posted yesterday. 386 was well weakened, so may be it will not give much resistance.
Don't be smart. Be rich.
  • #52,679
  • Sep 25, 2012 3:06pm Sep 25, 2012 3:06pm
The support was so weakened yesterday that there is'nt even a pseudo bounce. But we have 55min left.
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Don't be smart. Be rich.
  • #52,680
  • Sep 25, 2012 3:10pm Sep 25, 2012 3:10pm
ES (S&P) has finally filled the Bernake QE3 announcement at 1435.75 this could be some kind of shift in sentiment and I am looking for a further breakdown.


A friend f mine who only trades /ES said this is what's needed for a continued rise in the stock side a flush out for a few days before buyers come in again and again.

Technically AUD/USD, /6A have broken down on some major fib retraces on daily but still waiting for a trade below major downward support at 1.0670 then a move to 1.0320 will be quick.
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