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AUD/USD

  • #72,141
  • Jan 31, 2014 10:37am Jan 31, 2014 10:37am
Dang, for now a Higher Low placed, and what's more look at USD/CAD. They move inverse, so if you've really didn't closed your shorts now and took profit you must be blind as a bat.
Could be short squeez, My assumption is that the trend down is stopped for now and shorts are closing their position. With some bad luck those who stay short will be squeezed out the market. I wouldn't be surprised to see 0.90+ very soon. Markets don't go endless one way, there will ALWAYS be BIG squeezes and it looks like the time has come. To many on the short side. USD/CAD starts to reverse after some stophunting so good luck with holding on your shorts. Especially now the Friday.
  • #72,142
  • Jan 31, 2014 10:42am Jan 31, 2014 10:42am
Quoting irongoose
{quote} I agree, it looks like The Aud has found support at .8700, I hope it holds here threw the weekend but there is The Chinese Manufacturing PMI coming out after the market closes today that might move the Aud lower during the weekend.
87.04 is key level on the 4 hour / Day . As you can see, it bounces from there now all the time. Could be hidden buying. As long as it doesn't close below that now way to short. It also had quite a drop already.
  • #72,143
  • Jan 31, 2014 10:45am Jan 31, 2014 10:45am
here you go, 87.60 is middle line. like a magnet.
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  • #72,144
  • Jan 31, 2014 10:47am Jan 31, 2014 10:47am
And here is USD/CAD. See how inverse they work. I expect USD/CAD to stay below 1.1150~80. That is key resistance.
So no way to short AU right now, Patience.
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  • #72,145
  • Jan 31, 2014 10:53am Jan 31, 2014 10:53am
the trend is still down
  • #72,146
  • Jan 31, 2014 10:55am Jan 31, 2014 10:55am
Quoting DailyChart
the trend is still down
For now it moved sideways. Just look the past week, and as long as it isn't taken out clearly the trend stops and squeezing might begin.
  • #72,147
  • Jan 31, 2014 10:57am Jan 31, 2014 10:57am
The shorts nightmare. Green arrow.
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  • #72,148
  • Jan 31, 2014 11:06am Jan 31, 2014 11:06am
third short added at 0,8744
swing it!
  • #72,149
  • Jan 31, 2014 11:06am Jan 31, 2014 11:06am
Quoting Hickson
{quote} The biggest problem is when to take profit or close the position. It is not always easy to see if the next support or resistance level holds or if the movement will turn around sharply, erasing all the profits or even more in worst case. I can understand that market makers move the market to these levels to trigger stops in order to make money. Yet I do not exactly know how to handle this, but like everything in life, trading takes experience. I believe I will finally get there to make good profits. At this point however, my money management...
Glad you saw this, I sent you a private message about this post,good to hear your not making the same mistakes I did when I started.
At least you recognize your weaknesses and know what you need to work on, at face Forex is quite complex with all the trading signals and candle patterns and indicators and Fibonacci retracements......... sophisticated trading plans and so on...... its easy for new traders to get lost in all the smoke and mirrors of the Forex market and never really see how simple it can be and how it really works.
  • #72,150
  • Jan 31, 2014 11:13am Jan 31, 2014 11:13am
Quoting irongoose
{quote} Glad you saw this, I sent you a private message about this post,good to hear your not making the same mistakes I did when I started. At least you recognize your weaknesses and know what you need to work on, at face Forex is quite complex with all the trading signals and candle patterns and indicators and Fibonacci retracements......... sophisticated trading plans and so on...... its easy for new traders to get lost in all the smoke and mirrors of the Forex market and never really see how simple it can be and how it really works.

Ok Here is my way of looking at what support level holds and what not.
I always look for the trend and when there is a short period of stopping the trend, well .... There is your support and resistance area. For example, open your EUR/JPY 4 hour and tell me where would you go short?
  • #72,151
  • Edited 11:47am Jan 31, 2014 11:18am | Edited 11:47am
Quoting attilafx
{quote} 87.04 is key level on the 4 hour / Day . As you can see, it bounces from there now all the time. Could be hidden buying. As long as it doesn't close below that now way to short. It also had quite a drop already.
Price is at .8745 I exited my short at .8705 and would think about shorting again here if not for the Chinese Manufacturing PM, a better then expected number could throw a monkey wrench in a short over the weekend causing a stop out!

But my over all feeling is to short this pair but I'll wait till next weak for a entry point to present itself.
  • #72,152
  • Jan 31, 2014 11:23am Jan 31, 2014 11:23am
Quoting attilafx
{quote} Ok Here is my way of looking at what support level holds and what not. I always look for the trend and when there is a short period of stopping the trend, well .... There is your support and resistance area. For example, open your EUR/JPY 4 hour and tell me where would you go short?
Just saw this give me a minute, keep in mind I don't trade this pair nor do I like trading the JPY
  • #72,153
  • Jan 31, 2014 11:29am Jan 31, 2014 11:29am
Quoting irongoose
{quote} Just saw this give me a minute, keep in mind I don't trade this pair nor do I like trading the JPY
Ok, The where do you think USD/CAD will find it support? Where would the buyers stand?
  • #72,154
  • Jan 31, 2014 11:38am Jan 31, 2014 11:38am
Keep in mind these are only points of interest and I'd be looking for short term price action in those areas and maybe the 200 day or something else that lined up with one of those levels also. Plus not always do you get a clue so even if price moves into one of those areas I might not take a trade even though price rockets south anyway.
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  • #72,155
  • Jan 31, 2014 11:45am Jan 31, 2014 11:45am
Quoting attilafx
{quote} Ok, The where do you think USD/CAD will find it support? Where would the buyers stand?
hjgjjhjhgk
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  • #72,156
  • Jan 31, 2014 11:54am Jan 31, 2014 11:54am
This pair is playing with me (( First hit my s/l then come back to open price and now grow up... meh any way i bearish at the moment...
  • #72,157
  • Jan 31, 2014 11:59am Jan 31, 2014 11:59am
attilafx still there?
  • #72,158
  • Jan 31, 2014 12:01pm Jan 31, 2014 12:01pm
See? You know it.
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  • #72,159
  • Jan 31, 2014 12:04pm Jan 31, 2014 12:04pm
Now pull up your AUD/USD chart and see for the daytraders where they would sell? So pull up your 15 minute chart for example.
  • #72,160
  • Jan 31, 2014 12:11pm Jan 31, 2014 12:11pm
Quoting attilafx
See? You know it. {image}
You and I were really close on a couple of those levels for the Eur/JPY
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