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Just Another A/U Thread...

  • #261
  • Feb 23, 2016 5:38pm Feb 23, 2016 5:38pm
Hi everybody,
I'm new here and also new in the trading business. I've started to look this thread a month ago and I'm learning a lot with you.
PA your charts are very helpful, thanks for provide us (especially to the newbies) very clear explanations.
Enjoy your trade guys!!!

PD: sorry about my english
  • #262
  • Feb 23, 2016 5:48pm Feb 23, 2016 5:48pm
Quoting buster48
{image}maybe good time for long I think PAs right longs safer at the moment ,also off a nice fib (not sure if PA uses them or not) and also the .7200 support level ,how ever we shall see.
Hi,
I have a first Fibonacci retracement at .7190 and I also see from the last week highs 2 support levels at .7180.
Let's see how it goes from here.
Have a good luck!
  • #263
  • Feb 23, 2016 8:22pm Feb 23, 2016 8:22pm
Quoting dab
{quote} Thanks from me as well on this, is an interesting thing to look at every now and then. At present it's startling to note that average long entry is 7280 and average short is 7143. Personally I have 3 short positions with average entry of 7215. I have used the pullback from 7259 to close a 4th short for small profit so I can replace it near or above the high if we revisit that zone or can make bigger profits if it's a larger pullback or reversal.
Those are some pretty good short entries, nice job dab!!! As for longs, if anyone tried longing at .7200 and you aren't out by now...I'd consider taking a 5-10pip loss. Doesn't look like much movement and I'm sure there will be a better setup to come along.
  • #264
  • Feb 23, 2016 8:48pm Feb 23, 2016 8:48pm
Quoting PA is King
{quote} Those are some pretty good short entries, nice job dab!!! As for longs, if anyone tried longing at .7200 and you aren't out by now...I'd consider taking a 5-10pip loss. Doesn't look like much movement and I'm sure there will be a better setup to come along.
Yes PA small loss on that one but we live to fight another day.
  • #265
  • Feb 23, 2016 9:35pm Feb 23, 2016 9:35pm
Quoting buster48
{quote} Yes PA small loss on that one but we live to fight another day.
Yep, good choice as price has dropped even further. Something just didn't look right earlier. There wasn't that normal bidding back up of price we saw on Friday and Yesterday.
  • #266
  • Feb 23, 2016 9:39pm Feb 23, 2016 9:39pm
Wasn't expecting this quick a drop but am very happy with it. Closed my lowest entry (7171) for small profit and now have my two highest entries left to gain larger profits if it continues down and now have two positions I can replace higher if it revisits 7250 territory - perhaps one below the high and one above.
Hope for the best, prepare for the worst.
  • #267
  • Feb 23, 2016 10:00pm Feb 23, 2016 10:00pm
Quoting dab
Wasn't expecting this quick a drop but am very happy with it. Closed my lowest entry (7171) for small profit and now have my two highest entries left to gain larger profits if it continues down and now have two positions I can replace higher if it revisits 7250 territory - perhaps one below the high and one above.
Im with you, thought .7200 and maybe .7180. But it didn't fight much to go down so quick. Congrats on you pips, well done!
  • #268
  • Feb 23, 2016 10:19pm Feb 23, 2016 10:19pm
my day chart says a long is not ready I will wait
people leave, but this thread will go on for ever
  • #269
  • Feb 23, 2016 10:28pm Feb 23, 2016 10:28pm
Quoting dab
Wasn't expecting this quick a drop but am very happy with it. Closed my lowest entry (7171) for small profit and now have my two highest entries left to gain larger profits if it continues down and now have two positions I can replace higher if it revisits 7250 territory - perhaps one below the high and one above.
I was
I am expecting to fall further. Wait to break through this support area then down to .71000

But could be wrong though.
20 Pips a day keeps centerlink away
  • #270
  • Feb 24, 2016 12:15am Feb 24, 2016 12:15am
we both could be






Quoting PaulDaemon
{quote} I was I am expecting to fall further. Wait to break through this support area then down to .71000 But could be wrong though.
people leave, but this thread will go on for ever
  • #271
  • Feb 24, 2016 12:46am Feb 24, 2016 12:46am
Quoting Aussi
we both could be {quote}

I'm in
people leave, but this thread will go on for ever
  • #272
  • Feb 24, 2016 7:31am Feb 24, 2016 7:31am
Price is in a bit of a no trade area for me, the 4hr and 1hr charts attached give you an idea why. We are basically in the middle of an upchannel trend on the 1hr(.7250 area was the top of it which could explain the drop yesterday/overnight). I'd like it to reach one of the extremes again for me to have a lower risk entry.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSDproH4 004.png Size: 146 KB
Click to Enlarge Name: AUDUSDproH1 013.png Size: 144 KB
  • #273
  • Feb 24, 2016 9:31am Feb 24, 2016 9:31am
Buyers have finally stepped in around .7150 on Aussie...that might be our bottom for today. Nice 40pip bounce from today's lows
  • #274
  • Edited 10:00am Feb 24, 2016 9:40am | Edited 10:00am
Just documenting what I'm seeing on the charts...gives you an idea of what I look for.

Just want to be clear, I would not take a long up around .7170-80 because the stoploss would be too big(over 40pips). Also, I would wait until 1hr candle close to confirm railroad track pattern. If I were trading the 15min chart entry would have been about an hour ago after the Pinbar&Morning Star patter around .7155 leaving me about a 20-30pip stoploss.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSDproH1 014.png Size: 142 KB
Click to Enlarge Name: AUDUSDproM15 010.png Size: 107 KB
  • #275
  • Feb 24, 2016 2:13pm Feb 24, 2016 2:13pm
Well, with the Higher High made Monday-Tuesday...and the subsequent dip down to .7150 which looks like a Higher Low and the 60pip rally from the 1hr chart 200ma, it appears the midterm up trend is still in full swing as price is still contained within that up channel. If price closes near .7200 that will be a bullish Pinbar on the Daily chart and we are currently in our 6th straight bullish weekly candle. Over bias is still buy the dips in an uptrend for your safest/least risk trade. But there will be opportunities to shirt near the top of the channel.
  • #276
  • Feb 24, 2016 2:29pm Feb 24, 2016 2:29pm
Woke up to find the limit on my 2nd last short was hit at 7159 but price isn't looking like continuing down to trigger my last limit. Now faced with trying to close last short for a still okay profit or hold it for the next leg down. Will try the former on a smaller timeframe swing down otherwise the latter as no need to panic with only one position.
Hope for the best, prepare for the worst.
  • #277
  • Feb 24, 2016 5:11pm Feb 24, 2016 5:11pm
Nice Dab! I am impressed with your trade/money management skills! Keep up the great work. Looks like we have a little pull back right now. Hopefully it will be further for you. And I'd like to see it near the bottom of the up channel.
  • #278
  • Feb 24, 2016 5:51pm Feb 24, 2016 5:51pm
Thanks PA, I have limited time so over the last 4 or so years have had to learn/develop a system which allows success with that ie higher timeframes

Money management is so important regardless of timeframe and thankfully it is an area I am strong in and compensates for what I lack in chart reading skills. Again the trading plan I use is designed for this - maximise my strengths, limit my weaknesses (hint to any newbies you need to learn what your strengths and weaknesses are).

Unfortunately after price went up to 7210 I set a limit at 7200 which got hit. I find it very difficult to know when it's a pullback versus reversal until after the fact and so will miss some of the pips when 15 minute chart appears to now be making lower lows and highs again. Oh well, I made some very good pips on trades this week and this month so am more than happy.
Hope for the best, prepare for the worst.
  • #279
  • Feb 24, 2016 7:00pm Feb 24, 2016 7:00pm
Might get another chance to see how strong support is at .7150 area. If it goes below yesterday's Daily pinbar, that would invalidate it.
  • #280
  • Feb 24, 2016 11:20pm Feb 24, 2016 11:20pm
Neither much of a bounce higher nor can price stay below the 1hr 200ma and/or .7150(still lots of support).
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