Risk is back on dragging Aussie higher while gold goes along for the ride | Forex Factory

  • Risk is back on dragging Aussie higher while gold goes along for the ride

    From vantagefx.com

    It’s only my view of course but the data is deteriorating and it’s not just the weather I reckon. Indeed one of my Colleagues , Steve Perlberg from BI US has a great Goldman Sachs chart that suggests it might be more than that – you can see it here. So to me it makes no sense that stocks are higher this morning. Indeed the data over the past 24 hours has been, with probably only one exception, negative. We kicked off with the miss on the HSBC manufacturing PMI which dropped to 48.3 prior to weaker than expected flash PMI’s in France (48.5), Germany (54.7) and EU (53). Also worth noting and placing further ... (full story)

Comment Options
PA is King
Feb 20, 2014 4:25pm — Edited
Permalink
Gotta say, the strong bounce off the 4hr 200ma and the very bullish daily pinbar candle looks pretty promising for longs.

Even looking at the e/a...there is a strong bearish daily pinbar there too indicating stronger AUD!
Reply
PA is King
Feb 20, 2014 5:34pm
Permalink
Quoting Squeeze
Some of us (around me) have been long since the 4th, no signal to reverse...yet...
You are right, I was a bit premature in thinking short early this morning. Price is still making higher lows on the higher timeframes. Could get a fourth run up to the .9065 area...would probably break through if that happens. Double and triple tops usually hold...don't see too many quadruple tops if your playing the odds.
Reply
Pip Anon
Feb 20, 2014 5:25pm
Permalink
I wouldn't say risk is back on. After yesterday's decline (at least in US markets), today makes sense. They basically offset each other.

AUDUSD up trend started Jan. 27th. Strong resistance at .9070, but uptrend still intact until PA closes below .8890 IMO.

Majors like Aussie are best for trend trading just due to the daily ranges. Crosses are more for intraday purposes. Until downtrend broken, buy the dips. All price action did was bounce off of support.
Reply
Squeeze
Feb 20, 2014 4:57pm
Permalink
Some of us (around me) have been long since the 4th, no signal to reverse...yet...

Quoting PA is King
Gotta say, the strong bounce off the 4hr 200ma and the very bullish daily pinbar candle looks pretty promising for longs.

Even looking at the e/a...there is a strong bearish daily pinbar there too indicating stronger AUD!
Reply
Squeeze
Feb 21, 2014 3:16am
Permalink
One thing I never do is violate a trading plan and go on hunches. There is nothing discretionary about my trading, either swing or scalping (proper scalping). Everything is mechanized, every aspect is forensically locked down. However painful for others to watch some pips be given back in a swing that's how it works. It's the only way it can work. Intervene manually and where do you stop?


Quoting PA is King
You are right, I was a bit premature in thinking short early this morning. Price is still making higher lows on the higher timeframes. Could get a fourth run up to the .9065 area...would probably break through if that happens. Double and triple tops usually hold...don't see too many quadruple tops if your playing the odds.
Reply
Aussi
Feb 21, 2014 3:19am
Permalink
All ways nice to see good traders helping
Reply

  • Related Stories

There are no posts to display for these settings.
  • Story Stats