expecting another sell off this week with possible quick pull back
As Above, So Below
- #93,281
- Oct 29, 2015 4:55pm Oct 29, 2015 4:55pm
- Joined Oct 2011 | Status: quo | 4,193 Posts
As Above, So Below
- #93,282
- Oct 29, 2015 6:19pm Oct 29, 2015 6:19pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
If price retraces to .7070 I will enter short. Otherwise, I will stay flat. 
"Keep your eyes on the helpers" - Mr. Rogers
- #93,284
- Oct 29, 2015 7:19pm Oct 29, 2015 7:19pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
retests works.....
"Keep your eyes on the helpers" - Mr. Rogers
- #93,286
- Oct 29, 2015 7:58pm Oct 29, 2015 7:58pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
I don't know that it is the bottom. it depends how high price comes up. for example,, as high as price is now I would get a sell signal long before the bottom. What I wrote was only based on where price was when I wrote it. I can't keep updating as I would never have time to trade....... You are thinking that my entry would not have changed even so price has moved up 30 pips since I wrote that post. but I assure you it has.
And, because it has come up so high without coming back, I will not even consider trading this pair based on my system at this time at all. I will catch it next time when price action falls into my trap. Today, it did not.
And, because it has come up so high without coming back, I will not even consider trading this pair based on my system at this time at all. I will catch it next time when price action falls into my trap. Today, it did not.
"Keep your eyes on the helpers" - Mr. Rogers
- #93,288
- Oct 29, 2015 9:15pm Oct 29, 2015 9:15pm
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
i think it's worth a risk entering an intraday short at 7105 now with a tight stop at 7109 being the high so far today. strong case for the aussie to make a lower low today. just went long on GBPAUD as a proxy to this as likewise i also expect some pound buying today as chatter of the BOE raising rates sooner than later also comes into play. TGIF guys!
"Keep your eyes on the helpers" - Mr. Rogers
i think it's worth a risk entering an intraday short at 7105 now with a tight stop at 7109 being the high so far today. strong case for the aussie to make a lower low today. just went long on GBPAUD as a proxy to this as likewise i also expect some pound buying today as chatter of the BOE raising rates sooner than later also comes into play. TGIF guys!
Done for the day
Take it easy this Friday guys and enjoy the weekend.
Hope you all made some nice pips and play it safe.
Take care in longing GBPAUD as this can go down hard when AUD retraces back up. Esp 4hr is starting to look very bearish
and might test previous day low or near it.
- #93,290
- Oct 29, 2015 11:56pm Oct 29, 2015 11:56pm
{quote} I went long this morning instead for a quick grab on AUDUSD for 40 pips and shorted GBPAUD for 100+ pips. Done for the day
Have a great weekend to you and everyone in this thread as well.
There is a PMI from China over the weekend, heads up for those whom intends to hold positions over the weekend.
Cheers!
- #93,291
- Oct 30, 2015 12:18am Oct 30, 2015 12:18am
{quote} I went long this morning instead for a quick grab on AUDUSD for 40 pips and shorted GBPAUD for 100+ pips. Done for the day
- #93,292
- Oct 30, 2015 12:26am Oct 30, 2015 12:26am
I wish Lionheartfx1 would explain how he picks the reversals.. 
On the EUR/AUD pair there are times when a reversal is due but other then RSI and support/trend lines, I don't see how you can pick it. Neither of those obviously will ever be spot on. Once there are signs of a reversal, you can still get bitten by it reversing one last time and then actually have it perform a real reversal.
On the EUR/AUD pair there are times when a reversal is due but other then RSI and support/trend lines, I don't see how you can pick it. Neither of those obviously will ever be spot on. Once there are signs of a reversal, you can still get bitten by it reversing one last time and then actually have it perform a real reversal.
- #93,293
- Edited 9:07am Oct 30, 2015 12:51am | Edited 9:07am
- | Joined Oct 2014 | Status: Trader | 175 Posts
I wish Lionheartfx1 would explain how he picks the reversals..
and just go for gold.
Sometimes it works sometimes it does not which is why a SL comes in handy in case it fucks you in the other direction.
My rule is I am happy with 50pips min on this pair as it is easy to achieve. If it goes further great, otherwise i lock it in midpoint and just trail it.
If you look at previous bars on the daily this pair gets easily exhausted once it hits 150+ long or short in most cases unless there is a freak occurrence like some unknown news event which happens once in a blue moon and you pray that never happens....it is a good opportunity to go long/short depending on price action.
Being patient is the key not luck.
Don't give up. I take a few hits from this pair I am not going to lie however I am still standing because I learn to take losses
when necessary and place appropriate SL.
Live to fight another day.
- #93,294
- Edited 9:36pm Oct 30, 2015 1:03am | Edited 9:36pm
- | Joined Oct 2014 | Status: Trader | 175 Posts
{quote} congrats; although you're starting to sound fishy as you claim to always be profiting the maximum possible by entering at the ultimate bottoms and exiting at the peaks. we all know in forex that's quite impossible unless you've got endless luck flowing your way. hahaha. good weekend! i'm signing off in awhile for my flight across to LAX.
This pair is pretty easy to figure out after a while, I cannot explain it as everyone trading style is different but you will have a gut feeling on where you place your entry and develop a feel how you initiate the trade. This I cannot tell you how to do it, you need to figure it out for yourself.
I notice in your previous posts when you trade this pair it goes the other way - I feel for you as I have been there as well and it can be frustrating as I have been in that situation also, however keep practicing and soon you will master it and better your entry for a long or short trade.
Once you get a feel for a pair you will start getting better hits, it may not be 100% but it will be close to it and you will make some mistakes and that's fine but your
entry point should be close to perfect and the pair should go in your desired direction.
I do not stay long also in this pair once which is why I survive when trading this pair - once it hits my desired target of 50 pips I either pull out or lock in and trail it.
Simple as that - In and out baby
Your pullout game needs to be strong when you trade this pair LOL.
I guess I have been lucky but I try not to think to much into a pair which you tend to do. If I want to long or short I go for gold hope for the best and place the SL
wherever it is needed.
In most cases I do hit close to the maximum but 100 pips is nothing to brag about on this pair. It is very achievable just like obtaining 20 pips as this pair has some nice swings and you know this.
Its not luck. Look at the weekly and tell me that isn't bound for a retrace....also the monthly. I could be wrong that is why I have a SL in place and take losses when needed.
The current monthly high is about 150+pips I believe from the current price so short it all you want and go for gold. I don't think it will hit that high.
That is my theory but then again I could be wrong which is why my SL is there for a reason.
My balance can handle 150 pip SL also I trade within reason and not over leveraged so I am not bothered by it.
Besides I have mentioned in the past I been burnt by this pair however I am still standing because I don't over leverage my account and I am within money management depending on balance.
People that get fucked by this pair because their money management is poor and not taking losses when required simple as that.
- #93,295
- Oct 30, 2015 1:05am Oct 30, 2015 1:05am
- | Commercial User | Joined Jan 2015 | 1,352 Posts
I wish Lionheartfx1 would explain how he picks the reversals..
After a few months of watching a particular pair you will develop the feel for when its about to happen. I dont trade the eur/aud or aud/usd. I trade the gbp/aud but use the aud/usd chart for my trade entries on the gbp/aud.
If you take a look at the current chart aud/usd . If you put a fib retracemnet on the h1 chart from the peak of the last drop at .71586 down to current support level . There is a reverse hammer followed by and engulfing candle this is where a possible long is so enter a trade. On the gbp/aud chart h4 there is a bottom pin this is where to also go long at the same time. The gbp/aud peaked at over 200 pips while aud/usd peaked at 50 pips.
You will also notice that on the aud/usd chart price hit the 50% fib line and got rejected, this almost 100% works all the time. To play safe either move sl at + 38.2 fib line or take profit once price reaches 38.2%.
On the gbp aud a top pin/doji was made this is where I put in a short and took almost 50 pips.
To trade the crosses you have to use the major charts. While I am trading gbp/aud I have a gbp/usd and aud/usd chart up. I also cross reference what the usd is doing against the eur and the jpy just to know at what strength the us is at.
20 Pips a day keeps centerlink away
- #93,298
- Oct 30, 2015 2:09am Oct 30, 2015 2:09am
- | Commercial User | Joined Jan 2015 | 1,352 Posts
{quote} Hi Paul, I entered a long trade on the third confirmation candle as a test, it work out OK.....But can you post your chart and tell me who you aretrading thru as my Globalprime chart doesn't show the Inverted Hammer followed by a true engulfing, which means i might of missed a possible earlier entry, many thanks Zenin
Wasnt a full engulfing but good enough for me since it was coming of support.
20 Pips a day keeps centerlink away