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  • #17,161
  • Nov 30, 2012 1:46pm Nov 30, 2012 1:46pm
Quoting DaddyBear
You are right. But, there are patterns repeating in an orderly way.
Agreed it all comes down to the % of times a pattern works & how u manage your SL & TP. As for logical & fundies you'll go nuts trying to make sense of them & why the pairs are reacting the way they are. Picking your spots on the highest % setups & booking profits when there available will keep you in the game for a long time.
It works till it doesn't
  • #17,162
  • Nov 30, 2012 1:48pm Nov 30, 2012 1:48pm
Yep, aud finally making the move - took a while
it's curious that eurusd at first breached the triangle to the upside and now... it is not quite as certain. Anyways, let's see how quickly aud will reach 1.04 - I doubt we'll see a move further than that.
  • #17,163
  • Nov 30, 2012 2:04pm Nov 30, 2012 2:04pm
closed short -err.. + 5 pips^^

Done for the week. Have a good one.
  • #17,164
  • Nov 30, 2012 2:06pm Nov 30, 2012 2:06pm
Quoting maximmm
closed short -err.. + 5 pips^^

Done for the week. Have a good one.
See ya!
daddybearforex. com
  • #17,165
  • Nov 30, 2012 2:14pm Nov 30, 2012 2:14pm
A move up from here may be in the cards.
daddybearforex. com
  • #17,166
  • Nov 30, 2012 2:19pm Nov 30, 2012 2:19pm
Quoting DaddyBear
A move up from here may be in the cards.
Some Bulls may be ready for CNY PMI tonight. This could be the reason 1.0400 held up this morning. If this is the case, a run-up to the close is highly possible. Coupling with the low volume, an out of proportion move may happen. I have witnessed this kind of PA a few times before. I watched the PA all day this session and feel that the underlying bullish power cannot overlooked.
daddybearforex. com
  • #17,167
  • Nov 30, 2012 2:23pm Nov 30, 2012 2:23pm
I entered long and set SL above the entry. Now let me enjoy a Friday rally.
daddybearforex. com
  • #17,168
  • Nov 30, 2012 2:24pm Nov 30, 2012 2:24pm
Quoting DaddyBear
I entered long and set SL above the entry. Now let me enjoy a Friday rally.
If it can reach previous daily high before close, Sunday open may gap up to 1.050x. IMO
daddybearforex. com
  • #17,169
  • Nov 30, 2012 2:26pm Nov 30, 2012 2:26pm
H4 ADX has turned to neutral now. This will lessen the headwind for the bulls.
daddybearforex. com
  • #17,170
  • Nov 30, 2012 2:27pm Nov 30, 2012 2:27pm
the reason why I got out of my short is because of eurusd break of the triangle to the upside. Although eurusd and audusd are not always correlated - given that they are in the same triangle formation, a move would often coincide. I realized that audusd was moving down only because eurusd was retesting the triangle line and was readying for a move higher - a slight uptick there coincided with small uptick in audusd - thus, if eurusud was readying for a rally to the upside - aud would most likely follow. When it comes to such triangles, Eurusd is the bigger brother - it seldom does fakeouts, while audusd does fakeouts all the time.

Cheers.
  • #17,171
  • Nov 30, 2012 2:27pm Nov 30, 2012 2:27pm
The daily candle has changed from a red one to a green Doji now.
daddybearforex. com
  • #17,172
  • Nov 30, 2012 2:29pm Nov 30, 2012 2:29pm
Quoting maximmm
the reason why I got out of my short is because of eurusd break of the triangle to the upside. Although eurusd and audusd are not always correlated - given that they are in the same triangle formation, a move would often coincide. I realized that audusd was moving down only because eurusd was retesting the triangle line and was readying for a move higher - a slight uptick there coincided with small uptick in audusd - thus, if eurusud was readying for a rally to the upside - aud would most likely follow. When it comes to such triangles, Eurusd...
I closed the short at the same time you got out. We do have the same mindset sometimes.
daddybearforex. com
  • #17,173
  • Nov 30, 2012 2:32pm Nov 30, 2012 2:32pm
Quoting DaddyBear
Some Bulls may be ready for CNY PMI tonight. This could be the reason 1.0400 held up this morning. If this is the case, a run-up to the close is highly possible. Coupling with the low volume, an out of proportion move may happen. I have witnessed this kind of PA a few times before. I watched the PA all day this session and feel that the underlying bullish power cannot overlooked.
Agreed, it also feels as tho the market has been pricing in a rate cut on Tuesday for the last couple of days.
It works till it doesn't
  • #17,174
  • Nov 30, 2012 2:37pm Nov 30, 2012 2:37pm
CNY PMI is 5 hours away. Big boys see what we see but they know something we don't know. If they already knew the data, this morning they could bring it down then got in at the low for tonight's news.
daddybearforex. com
  • #17,175
  • Nov 30, 2012 2:38pm Nov 30, 2012 2:38pm
Quoting DaEdge
Agreed, it also feels as tho the market has been pricing in a rate cut on Tuesday for the last couple of days.
Could be. Now, the traders who believe no cut will push it higher.
daddybearforex. com
  • #17,176
  • Nov 30, 2012 2:41pm Nov 30, 2012 2:41pm
Now I see a retest of 1.0439 on the way. If more US bulls are still in the offices, it may be broken and sends the Aussie to 1.0480x before close. My daydream.....
daddybearforex. com
  • #17,177
  • Nov 30, 2012 2:44pm Nov 30, 2012 2:44pm
H1 ADX is on the verge of a "breakout.".
daddybearforex. com
  • #17,178
  • Nov 30, 2012 2:44pm Nov 30, 2012 2:44pm
Quoting DaddyBear
Could be. Now, the traders who believe no cut will push it higher.
Even if there is a cut I don't see to much of a reaction to the downside 50/75 pips max, unless its greater than .25bps the swap on this pair is still higher than all the other majors which makes it a safe trade & china's economy is predicted to be better this quarter. Regardless of how real people think the numbers are that come out of china.
It works till it doesn't
  • #17,179
  • Nov 30, 2012 2:45pm Nov 30, 2012 2:45pm
I know a lot of people don't want to trade on Friday. But, I love trading and always stay until the market close.
daddybearforex. com
  • #17,180
  • Nov 30, 2012 2:47pm Nov 30, 2012 2:47pm
Quoting DaEdge
Even if there is a cut I don't see to much of a reaction to the downside 50/75 pips max, unless its greater than .25bps the swap on this pair is still higher than all the other majors which makes it a safe trade & china's economy is predicted to be better this quarter. Regardless of how real people think the numbers are that come out of china.
Agree. China is the Aussie's Papa now.
daddybearforex. com
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