AUD/USD

Just normal correction in uptrend.

Back to .7100?

4-hour

market's taking a break at 7020 now. i think i'm sticking with the long trade at least until 7150 before throwing in a small short back to 7120. As europe opens likely to push up once more before sagging down.

On my daily chart, price need to overcome trendline for more upside to come.

I hope you do not mind me using your view to draw as below:

Perfect entry

Closed 1.5 lots at 7115. I'm happy with 11 pips. Risk was 9.

7110 yesterdays high holding as support.

Bullish above, bearish below (intraday)

Nice!
Just got back... missed it, waiting for a little bit of a tighter RR on this to long another 2lots... :nerd:
.7110 looks good tho

Might have some more downward movement... i'll wait till the 1hr close... bc this could trend back to the bottom area of the channel at ~ .7050 area

Got to wait for Europe's opening bells for some real movement! More pips to come!

Could go as deep as .7090... yesterdays move from .7110 to .7055 caught me off guard. Didn't expect that deep of a correction.

AudUsd ===> Buy Stop : 71352 / TP = 71539 / SL : 70802

if this position opens and goes to SL open Hedge with 2* lot size ; Sell Stop : 70802 TP : 70542 SL 71314

hmm... yea i think your right... we could see a sharp correction, but if the markets do well today this could gain higher... will follow up in a bit :nerd:

Closed all my longs from Monday at 712, feeling pretty good. I was up very late last night due to the correction down, and even hedged my longs with a massive (position size) short across from 7084 to 7073 - and I really wanted to close it at 706, but didn't just in case it'd go lower; so on one hand I made a nice scalp, on the other, feel disappointed at my lack of a more ideal exit.

Those two outcomes make me feel quite lucky this week, made a small fortune! Now I have a short at 71178, went from red to green now back to red, not really sure what to make of this, but it's a relatively smaller position so I'm happy to hold for now, the way I see it, there must be a retrace a bit further down at some point this week.

One other important factor I have identified is the total lack of Chinese data this week (partly due to holidays in China?). As of late Chinese data has been sagging badly, and this has had a generally negative effect on the AUD, so I think the absence of this alone is positive for the aussie dollar.

The other thing we can see across all markets is the sudden change in perception about the Fed's position due to the onslaught of poor US data, release after release. The combination of this and the lack of Chinese data seems to be quite good for AUD, so I am predicting AUD to broadly finish the week in a good position.

In the interim however, I don't think there's much outside of technicals to go by, there's no major data releases until later in the week. I will be watching price action very carefully tonight, could be a short-term double top around 713, but I'm ready to go long again if the price action supports the thesis.

Interesting to note... client sentiment on my broker's records show 70% of clients, representing 89% of total value of open trades are in short positions. A number that has been increasing. Sometimes I wonder if im reading these stats correctly.

Meanwhile, seems like we're waiting for the opening belll in NY for leads. Scalping the ranging market the past 6 hours has been fun.

aussie short doing well

h4/m15

Another short at 71152, but both got subsequently stopped at 7111 with a small profit. I think I'm done for today. I hope nothing happens while I sleep.

Could be scalping, could be smarter than those of us who figure a bullish run.

Tell you what though, if AUD does break through towards 72, those SLs will lead to lots of short covering.

im pretty sure the bull trend's intact. hope some of you bought in at 7110. now just need the short term 7135 resistance to break then we've probably got a run to 7145-50 area ahead of the 61.8% fib line.
pondering a short scalp downwards again --- ok no way.

- bull run in doubt for the short term only if market sags below .70

i bought at 7114 and since 7124 was broken AUDUSD is clearly bullish for me. I expect a bigger resistance now at 7135 and a correcture down to the older restistance at 7124. From that level i think it can go up again and break the bigger resistance at 7135.

Haha, I should have gone to bed an hour ago, and now I wish I had.... I almost can't resist taking a short here, but the strength is scary. I think I'll take a small position, 7136

that should have been worth the extra hour awake. hope you got your 10pips...in fact, 15. probably asian session tomorrow we'll cross 7135...as long as axj equities dont kill the joy.

BuyStop active .. close it manually if it doesn't go to TP lvl before 20:00 (gmt +2) and also clear the hedge position too...
if position is below the entry lvl at 20:00 (gmt+2) , put TP to entry lvl..