Learn to Trade is Important. Keep your bias & ego aside.
HEAVY Support/Resistance System
AUD/USD Short
I am comfortable with this short.
There is a heavy resistance just not much higher.
The other thing is Governor Steven always jawbone down AUD and say AUD is overvalue when AUD is at the current price or 0.9400,
I don't expect AUD to be very strong. Taking in this entry with heavy resistance as my key reason.
My stop is as wide as 100 pips for safe trading. Nobody knows how the price going move, be careful trading.
I am comfortable with this short.
There is a heavy resistance just not much higher.
The other thing is Governor Steven always jawbone down AUD and say AUD is overvalue when AUD is at the current price or 0.9400,
I don't expect AUD to be very strong. Taking in this entry with heavy resistance as my key reason.
My stop is as wide as 100 pips for safe trading. Nobody knows how the price going move, be careful trading.
Learn to Trade is Important. Keep your bias & ego aside.
Upcoming at around 8 hrs 30 mins, there are AUD news & CNY CPI.
IT will definitely affect the AUD short open base on heavy resistance.
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My favorite Politician during this few months is:
King of Jawbone
> Nobody can break his killing spree of jawbone
For the past few meeting, he never fail to bring euro down verbally.
IT will definitely affect the AUD short open base on heavy resistance.
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My favorite Politician during this few months is:
King of Jawbone
> Nobody can break his killing spree of jawbone
For the past few meeting, he never fail to bring euro down verbally.
Learn to Trade is Important. Keep your bias & ego aside.
{quote} As an example EURJPY broke all of the support so playing it long is a bad idea.. I am trading same sort of technique, maybe will go long at the monthly resistance 2 I do have Long USDJPY, much better trade.... {image}
Just praying support will hold will kills your account, just like it did for my GU as I "thought" the support will hold but it keep falling.
But luckily I wasn't playing big enough to make an impact to my week performance, its my leftover money at accounts after my withdrawal.
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I love NZD/USD long at least for the next week. I can't be sure things will work out well, but NZD/USD have a pattern if anyone realize it.
Reason 1 was that it is near heavy support - h4 chart
The other reason is this
If you notice, price touch support, then it might break a few resistances or so, then go to pivot again.
The next day, price might be attract to previous day support/resistance, it keep going in a loop.
As for the friday close, price was at support 2, my general idea is price will either go to monday pivot (high + low / 2 of friday) around 0.8630 or price will go to Resistance 1 which is 0.86677.
However my key reason is still I like this heavy support ( base on chart 1 ) . And holding NZD/USD is rewarding for its interest or swap to some people (carry cost)
If NZD/USD range is intact, it will go back test the 0.877 high. Should downside prevail, the next KEY support is at 0.8510.
I playing 200 pips for NZD/USD at my singapore broker which is 50x leverage, so this trade is pretty good for me. And holding the trade make me free holding cost in daily basis.
Learn to Trade is Important. Keep your bias & ego aside.
- #338
- Edited 11:59am May 10, 2014 11:29am | Edited 11:59am
- Joined Jul 2012 | Status: Trader | 1,880 Posts
{quote} Chaosbun, trend lines can be tricky but supports are obvious...but I agree, just S/R will not do it...... Do you or anyone has a good indi for automatic trend lines generation? And Yes, I have searched....
Credits: Fx Live
Saw this trend line chart at weekend news.
Learn to Trade is Important. Keep your bias & ego aside.