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AUD/USD

  • #92,881
  • Oct 20, 2015 1:49am Oct 20, 2015 1:49am
Quoting Mr.Elliott
Honestly i still have my patience with my LONGS since last week..... So far no signs of the current trend changing for a long term....IMHO {image}
still holding my LONGs position since last week and as i looked at the chart....no bearish trend currently in my systems. Only available BULLISH trend for short and long terms. Never trade sideways and againts the trend. we will see what else the market offers for the oppurtunist trader.
  • #92,882
  • Oct 20, 2015 2:14am Oct 20, 2015 2:14am
The problem is, we've been having lower highs and higher lows. I've tried holding a bullish perspective too but it seems the 73s keep getting sold down in a rush. I'll be looking for a close above 73 to reignite confidence in resumption of the bullish push up, otherwise really it could be another day range bound between 7240 and 7300.
  • #92,883
  • Oct 20, 2015 2:46am Oct 20, 2015 2:46am
well
I think we need to hear dovish statement from FED officials so we can break 0.73, so the bullish trend will keep going up ,otherwise it will bounce back
I think it will break , but not sure about that
GOOD luck to everyone
  • #92,884
  • Oct 20, 2015 3:28am Oct 20, 2015 3:28am
Another rush of sellers ahead of .73.
Damm, patience is getting me nowhere with my long @7285. Given up, going short @7282. The bulls need a lot more to get them back in play.
  • #92,885
  • Oct 20, 2015 3:42am Oct 20, 2015 3:42am
Quoting ell3
Another rush of sellers ahead of .73. Damm, patience is getting me nowhere with my long @7285. Given up, going short @7282. The bulls need a lot more to get them back in play.
good luck.....
  • #92,886
  • Oct 20, 2015 5:00am Oct 20, 2015 5:00am
Quoting Mr.Elliott
{quote} good luck.....
Thanks! Well, it paid off. 10pips for grabs. Will patiently look for an entry for long. Meanwhile, word has it that tonight's fonterra auction results aren't great, nzd may take a hit and drag aud down slightly with it (conversely, if it's good, up and finally over .73 for good?)
  • #92,887
  • Oct 20, 2015 5:08am Oct 20, 2015 5:08am
Quoting ell3
Another rush of sellers ahead of .73. Damm, patience is getting me nowhere with my long @7285. Given up, going short @7282. The bulls need a lot more to get them back in play.
Stay positive....you should break even or more

Im confident this sucker will shoot to 0.74 at min....
  • #92,888
  • Oct 20, 2015 6:25pm Oct 20, 2015 6:25pm
My minds telling me long, but my heart, my heart is telling me short. I don't wanna hurt no one, but there is something that I must confess to you.

I don't have no trade on, with this crazy little currency.
  • #92,889
  • Oct 20, 2015 6:31pm Oct 20, 2015 6:31pm
Quoting redalert
My minds telling me long, but my heart, my heart is telling me short. I don't wanna hurt no one, but there is something that I must confess to you. I don't have no trade on, with this crazy little currency.
Thought about gbpaud or audjpy?
  • #92,890
  • Oct 20, 2015 9:10pm Oct 20, 2015 9:10pm
a nice time to fill up those LONGs position IMHO.......

still bias on the UPSIDE of the chart...rather than DOWNSIDE.......

at this moment.....no strong intervention by the BEAR, the BULLS are still in possesion....in this game......
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  • #92,891
  • Oct 20, 2015 9:35pm Oct 20, 2015 9:35pm
Quoting Mr.Elliott
a nice time to fill up those LONGs position IMHO....... still bias on the UPSIDE of the chart...rather than DOWNSIDE....... at this moment.....no strong intervention by the BEAR, the BULLS are still in possesion....in this game...... {image}
Why do you say that? It's about the most sideways looking triangle I've ever seen.

I have longs myself though, so I have a bit of a bullish bias, but this current trading is making me uneasy.
  • #92,892
  • Oct 20, 2015 9:38pm Oct 20, 2015 9:38pm
Quoting Starcraftmaz
{quote} Why do you say that? It's about the most sideways looking triangle I've ever seen. I have longs myself though, so I have a bit of a bullish bias, but this current trading is making me uneasy.
Uneasy? That's putting it mildly It's driving me insane!
  • #92,893
  • Oct 20, 2015 9:48pm Oct 20, 2015 9:48pm
Quoting Wildthing507
{quote} Uneasy? That's putting it mildly It's driving me insane!
It's been really difficult trading this the past few days. Any short term/ scalping position has been purely speculative for me. Be cautious I suppose, cos we're reaching the narrow edge of a wedge pattern. A breakout could happen anytime! IMO the bears seem to have got this one, we may see a deeper pullback because sentiment (odds of a nov rba cut) seems to lean that way.
  • #92,894
  • Oct 20, 2015 9:53pm Oct 20, 2015 9:53pm
Quoting ell3
{quote} It's been really difficult trading this the past few days. Any short term/ scalping position has been purely speculative for me. Be cautious I suppose, cos we're reaching the narrow edge of a wedge pattern. A breakout could happen anytime! IMO the bears seem to have got this one, we may see a deeper pullback because sentiment (odds of a nov rba cut) seems to lean that way.
Excuse my ignorance - I only have basic economic knowledge through first year uni macroeconomics but I thought if interest rates increase generally it pushes the dollar up. I have seen numerous times though an indication it will push it lower. Is this because of the housing bubble fear for it to go the opposite way than expected?
  • #92,895
  • Oct 20, 2015 10:01pm Oct 20, 2015 10:01pm
Quoting jagdpanther
{quote} Excuse my ignorance - I only have basic economic knowledge through first year uni macroeconomics but I thought if interest rates increase generally it pushes the dollar up. I have seen numerous times though an indication it will push it lower. Is this because of the housing bubble fear for it to go the opposite way than expected?
I've stopped trying to read the short market with indicators at the moment and am now trading on gut instinct and I'm doing ok again. Taking smaller numbers of pips and recovering some losses. Looking for the break out and descent pip quantities was killing me.
I read a couple of months ago that the ANZ bank was predicting .67 by November. I know predictions are fickle but I've seen them come to fruition enough times over the longer terms that it's stuck in the back of my head and keeps popping up.
  • #92,896
  • Oct 20, 2015 10:09pm Oct 20, 2015 10:09pm
Hey guys, if you are intending to be in this business for long, then i guess you should have a trading plan to lessen your anxiety and nervousness. You should trade with minimum emotions. Can you imagine your whole life of trading being in panic mode or feeling euphoria when you TP? Try to maintain your emotions, keep it in check. Having a trading plan is really crucial. Don't be in a situation whereby your whole life assets is on this single trade.

This week has been in consolidation mode, as some of us including myself have pointed out, there is a triangular wedge forming, price action has become narrower as the days gone by. Yes, we are waiting for a breakout. I personally will favor the downside (not because i am short) but in such situation whereby technicals don't tell you much, i will look to fundamentals. Australia's economy is doing fairly well as compared to other global markets. However, Australia is also heavily dependent on the commodities industry and China. Hence, you got to ask yourself, are the commodities and China doing well too?

Note: I may be wrong also, all i have is a trading plan, if price break upwards, that's fine, a small loss is all i will be expecting, When i get stopped out, i join the prevailing trend and within minutes, i will earn back what i have loss. I'm sure it will be the same logic as most of us here as well.

What i'm trying to say is, have a trading plan, don't go into panic mode whenever price doesn't go in your favor. (IF you intend to be in this business for a long time)
  • #92,897
  • Oct 20, 2015 10:12pm Oct 20, 2015 10:12pm
Thanks for the advice. Heard it all before but sometimes I forget.
  • #92,898
  • Oct 20, 2015 10:33pm Oct 20, 2015 10:33pm
Quoting jagdpanther
{quote} Excuse my ignorance - I only have basic economic knowledge through first year uni macroeconomics but I thought if interest rates increase generally it pushes the dollar up. I have seen numerous times though an indication it will push it lower. Is this because of the housing bubble fear for it to go the opposite way than expected?
that is what all about in macroeconomics..........
  • #92,899
  • Oct 20, 2015 10:36pm Oct 20, 2015 10:36pm
Imo it's all about the EA daily rising TL.
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As the lights go by so too do the shadows move
  • #92,900
  • Oct 20, 2015 10:37pm Oct 20, 2015 10:37pm
Quoting ell3
{quote} It's been really difficult trading this the past few days. Any short term/ scalping position has been purely speculative for me. Be cautious I suppose, cos we're reaching the narrow edge of a wedge pattern. A breakout could happen anytime! IMO the bears seem to have got this one, we may see a deeper pullback because sentiment (odds of a nov rba cut) seems to lean that way.
RBA minutes released yesterday indicated there would be no rate cut.
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