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Aussie Trading Room and Cartoons Gallery

  • #21,901
  • Dec 31, 2012 6:43am Dec 31, 2012 6:43am
Quoting DaddyBear
Good morning everyone. Although today is a "Sandwich" trading day between two non-market days, I beleive there are plenty of opportunities thanks to Obama and GOP.

Because the LTL of the counter-correction channel broke earlier, I think the consolidation may be over. Based on H1 ADX reading, further downside is likely. IMO
The question now is whether this move is a "straight" line or a zigzag. Although I believe the market path was preset, I don't have the "official map" in my hands. As such, trying to read the mind of the market is the only way to decide when to exit and to reenter the trades.
daddybearforex. com
  • #21,902
  • Dec 31, 2012 6:55am Dec 31, 2012 6:55am
For those who are trading the Aussie today, I wish you the best in trading. Today could be the best trading day of this month. It may be volatile. So please buckle up.
Attached Image
daddybearforex. com
  • #21,903
  • Dec 31, 2012 6:57am Dec 31, 2012 6:57am
Quoting DaddyBear
For those who are trading the Aussie today, I wish you the best in trading. Today could be the best trading day of this month. It may be volatile. So please buckle up.
lol is your pic meant to be the other way round??
  • #21,904
  • Dec 31, 2012 6:59am Dec 31, 2012 6:59am
Quoting DaddyBear
Good morning everyone. Although today is a "Sandwich" trading day between two non-market days, I beleive there are plenty of opportunities thanks to Obama and GOP.

Because the LTL of the counter-correction channel broke earlier, I think the consolidation may be over. Based on H1 ADX reading, further downside is likely. IMO
BTW, this is my LTL and channel. If your platform has something different, please follow your own channel and LTL.
daddybearforex. com
  • #21,905
  • Dec 31, 2012 7:16am Dec 31, 2012 7:16am
When I started trading the Forex markets, I noticed there were always quite a few bounces during an up or a down move but there were only a few made decent bounces. One of such bounces was the reversal point. In order to be able to identify the real reversal point [not the very bottom], I hugged Mr. R.N. Elliot to get the answer even he died long time ago. The reason was because no other indicators could solve the puzzle. Only a principle can achieve this goal.
daddybearforex. com
  • #21,906
  • Dec 31, 2012 7:23am Dec 31, 2012 7:23am
I have found that holding a winning trade is tougher than sticking to a losing one because there is only fear factor involved in the later process. When holding a winning trade, another ingredient "Greed" comes to play as well. A trader's mentality is stretched between these two evils.
daddybearforex. com
  • #21,907
  • Dec 31, 2012 7:35am Dec 31, 2012 7:35am
I believe there will be a compromise at the end of day. Before that happens, A drop in a free fall style may occur. When that happens, a sharp rebound is highly likely. This is the game of mind. The mind of the market.
daddybearforex. com
  • #21,908
  • Dec 31, 2012 7:45am Dec 31, 2012 7:45am
In H1 chart, a good size Doji just formed below the Pivot. This is an ominous sign for the bulls. I always believe that Japanese candlesticks are better than Western bar charts. The later is a scientific way to see the market, and yet, the former is linked to a more sophisticated and complex human mindsets.
daddybearforex. com
  • #21,909
  • Edited 8:53am Dec 31, 2012 7:51am | Edited 8:53am
Quoting DaddyBear
In H1 chart, a good size Doji just formed below the Pivot. This is an ominous sign for the bulls. I always believe that Japanese candlesticks are better than Western bar charts. The later is a scientific way to see the market, and yet, the former is linked to a more sophisticated and complex human mindsets.
In fact, I also believe Japanese candlesticks were invented with Zen in those creators' minds. When looking at the names of different candles, one can associate their characteristics with the natural phenomena and comes to the projections of the future moves.
daddybearforex. com
  • #21,910
  • Dec 31, 2012 7:59am Dec 31, 2012 7:59am
I'd like to see a retracement of the recent downtrend to fibs 1st retracement of at least 1.0436... then we see what happens from there.
  • #21,911
  • Dec 31, 2012 8:51am Dec 31, 2012 8:51am
Quoting JollyBean
I'd like to see a retracement of the recent downtrend to fibs 1st retracement of at least 1.0436... then we see what happens from there.
IMO this may not be the case.
daddybearforex. com
  • #21,912
  • Dec 31, 2012 9:00am Dec 31, 2012 9:00am
Quoting DaddyBear
IMO this may not be the case.
Nope you are WRONG.

Lol just kidding... of course anything can happen

It's just the way I see it according to my analysis, which may or may not be wrong.
  • #21,913
  • Dec 31, 2012 9:02am Dec 31, 2012 9:02am
Quoting DaddyBear
IMO this may not be the case.
Unless the Aussie bounces off from the weekly low.
daddybearforex. com
  • #21,914
  • Dec 31, 2012 9:04am Dec 31, 2012 9:04am
Especially with the "talks" still going on, there's obviously plenty of uncertainty.
  • #21,915
  • Dec 31, 2012 9:15am Dec 31, 2012 9:15am
Let me just share a quick analysis...

As we can see, price seems to be bouncing off 200SMA, and if it does a proper retrace, we can take 1st Fib as target (to be conservative) which is 1.0435 and also happens to pretty much coincide with 60SMA.

That's it for my immediate strategy. As with any trade, I may be wrong and the thing just goes in the opposite direction.

Trade safe.
Attached Image
  • #21,916
  • Dec 31, 2012 9:18am Dec 31, 2012 9:18am
Quoting JollyBean
Let me just share a quick analysis...

As we can see, price seems to be bouncing off 200SMA, and if it does a proper retrace, we can take 1st Fib as target (to be conservative) which is 1.0435 and also happens to pretty much coincide with 60SMA.

That's it for my immediate strategy. As with any trade, I may be wrong and the thing just goes in the opposite direction.

Trade safe.
You may have to add more Fib levels to your platform.
daddybearforex. com
  • #21,917
  • Dec 31, 2012 9:26am Dec 31, 2012 9:26am
Quoting JollyBean
Especially with the "talks" still going on, there's obviously plenty of uncertainty.
A final deal may not reached before the market closed today; therefore, this uncertainty will be behind the wheel until then. The closer to 1700 EST, the more anxiety will be in the markets. A sell off may occur under such a scenario. IMO
Attached Image
daddybearforex. com
  • #21,918
  • Dec 31, 2012 9:30am Dec 31, 2012 9:30am
In terms of the efficiency of the US Congress, I'd suggest a name change of Capitol Hill to Turkey Hill.
daddybearforex. com
  • #21,919
  • Dec 31, 2012 9:30am Dec 31, 2012 9:30am
Quoting DaddyBear
A final deal may not reached before the market closed today; therefore, this uncertainty will be behind the wheel until then. The closer to 1700 EST, the more anxiety will be in the markets. A sell off may occur under such a scenario. IMO
Yeah certainly possible. Today's a day to watch the market closely
  • #21,920
  • Dec 31, 2012 9:33am Dec 31, 2012 9:33am
Side note: I think gold's still got room for the downside, and this may drag the AUD with it.
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