AUD/USD

Quoting xandi

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{quote} depends on trading style, method, Time frame...when eurusd was at 1.18, you can also may have think that, it was the 3rd attemptive to break down the pair, and look where is EURusd now again...below 9390 indeed this can be dangerous, until then... {image}

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Quoting Geppy

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{quote} Totally understand that, but I don't feel this is a good example. If you look at the longer TFs on AUD (weekly & monthly), PA has broken down out of a long-term consolidation. Euro is still trapped in its long-term consolidation without a verified break yet.

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Quoting xandi

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{quote} looking to monthly you are absolutely right. Specialy when we look to Summer of 2008, and we can understand price can go to visit that levels again, 0.60, at the end, price is like an elastic, and the middle can be at 0.80... I´m closing my long position, this was just scalping, this is not a good pair for long because everyone is already long (70%), and as you described, not on oversold and Price medium can be 0.8.. I´m out, closed at BE, thanks for your insight, respect your work! thanks

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Quoting Geppy

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{quote} I didn't mean to sway your trade plan, I was honestly just trying to see the "other side" of things. And wow... you're correct: Oanda shows nearly 76% of open interest is long right now. Could be a nice little squeeze coming

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Quoting xandi

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{quote} "the other side of things" it´s an example like eurusd at 1.18, but indeed things are differente because there´s much more room to go down on thid pair..and that "bold"fact, do not helps on openning long positions at this point, we may see a fast falling down, with tight or no retracement..The past weekly candle is not helping also, it´s pointing down to this week again, after that big upper shadow. I was just scalpin

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Quoting egymedo

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gap closed or not ???

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Quoting Geppy

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{quote} Roger that! I'm not the scalping type, but understand to take all posts with that in mind.

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Quoting Geppy

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{quote} Roger that! I'm not the scalping type, but understand to take all posts with that in mind. Anyway, for those that don't understand the open interest stuff, here's open positions on Oanda's platform: {image} Most people (about 76% are long) and the majority is usually wrong in FX trading. You'll notice that there are a lot of orders opened on both the long and short side near 0.9400 which makes sense as we've had a hard time breaking that. However, if/when it does break, the long would be running for the exits and perpetuate a harder fall....

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Quoting Medi2087

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So what's the next step ? shahroor

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Quoting xandi

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buying 0.2 Lot AudCad, 9633...after quick looking at all pairs, still expecting a retrace here on AUD, so, I´m taking this by my risk

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Quoting Geppy

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I had a line drawn at 0.9450 as very short-term support and told myself that if that goes, it's only a matter of time before we crack through .9400 Well, we just feel through .9450 so we'll see how the rest plays out. Either way, you couldn't pay me to buy this puppy.

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Quoting Geppy

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{quote} I had a line drawn at 0.9450 as very short-term support and told myself that if that goes, it's only a matter of time before we crack through .9400 Well, we just feel through .9450 so we'll see how the rest plays out. Either way, you couldn't pay me to buy this puppy.

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Quoting Vtmn

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{quote} same, shorted A/J aswell 93.65

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Quoting xandi

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chart of 5 hours, with our friend, Doji at bottom.. {image}

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