AUD/USD

So far so good, took partial profits (Approx 30pips), let the rest run. SL at BE. Had to run some errands, so won't be around to monitor my trades.

My 4hr candle close is looking bearish. (Depending on where you live, the 4hr candle may look different)

IMHO, AUDUSD's bounce from short-term ascending trend-channel, also including the 50-day SMA, might propel the pair to surpass 200-day SMA this time; however, chances of it breaking 0.7400 mark are still less likely.

I've got s/o on the edge I couldn't use 40 pips sl on this cause wasn't watching will see what to do later ...


7228 is/was better and higher for shorts than 71ish anyways ...
cheers.
7228 without +7256/7 opens the door for a further drop ...

Hi John, thanks, all exams done and passed, let's go back to forex now, as promised, here is my explanation about the King's Crown Formation.

I placed on the left the H&S formation and on the right the King's Crown formation, the main difference is that the market has to make a lower low and then retraces to the backside of the trendline, ideally near the left tip of the crown, and if you place a fib level, it will be close to the .618 retracement, then you look for any sort of bearish formation on that zone with your stop above the A. If the right tip is higher than the left tip, most of the time, the formation will fail.

Trading the King's Crown formation gives a earlier entry than the H&S pattern, because you don't need to wait for the neckline to break, both formations work well, it's just a different trading technique.

Happy pips everyone.

Fx 35

that 0.7250 is one hell of a barrier

it seems a big whale is on the offer at that level

Let's see if the Bulls have the fire power this time around to over run that level

Triple top alert, it's rare but IF its confirmed, then we will have a good formation for the big short! ATM, i do not dare confirm that its a triple top because i wouldn't know if the bulls will push through the level ultimately. Let's see.

Note: NFP on friday.

A big bull is in the house mate

It sure is mate!. hahaha...bulls unleash all of their power!

This might just be a very big stop hunt we will see at 12pm EST

I just had a short trigger at .7252

next resistance is 0.7350-74 a break of that level will confirm a short to medium term bottom at 0.68xx

Short AUDCAD looking for nice drop.

The Trade deficit news.... My 2 cents.. I am holding the view that the trade deficit news would not be in favour of AUD and AUD/USD would drop. The trade deficit for Australia has been worsening since December. Clear indications to this is supported by lower commodity stock prices, lower Aussie dollar and negative equity markets performance in January. This report is for January so I am assuming that the news will be negative. So I am shorting AUD/USD with a tight stop loss. Good luck to all.

A possible 5 waves expanding diagonal (c) white from 20 January low, with downside potential of an impulse (c) blue from here.

next hurdle 0.7350 a weekly close above that will confirm a short term bottom is in place for the aussi

looks like losing some momentum my test 0.7250 before testing the 0.7350

holding quite well above 0.73 level lets wait for NY open


http://www.bloomberg.com/news/articl...-bhp-rio-surge

AUD the star of the show today, so far.

What do you guys expect to happen once NY opens? I am short on this from 0.7315

As long it's under 0.7350 you'll be alright but watch out for 0.7350 level and little above because a break there will take it far mate

good luck