AUDUSD Trading Pit | Page 18 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

AUD/USD

Similar Threads

AUDUSD/AUDCHF/NZDJPY basket trading using 50 sma and 200 sma 16 replies

Pit Traders - How Do We Classify Their Trading Style? 6 replies

M Schwartz: Pit Bull ebook - How can I get it? 13 replies

Candlestick Chart Analysis - AUDUSD & USDCAD 1 reply

Attachments: AUDUSD Trading Pit
Exit Attachments

AUDUSD Trading Pit

  • #341
  • Edited 9:51am Mar 10, 2016 8:37am | Edited 9:51am
..Just to add a little colour to my earlier post by way of demonstration.

Here is a recent trade in the EUR AUD.

Timeframe is 4 hour chart. Tight entry taken under a critical level and a 4 hour 'snap back' point - 1.45 into an exhausted move.

Low leverage used but the range off this timeframe rewards the low leverage entry by the amount of ground it covers..

I'm sure there are plenty of traders out there better than me but treating this as a business - I look for consistent monthly returns which are validated in the linked and verified MyFXBook account:

  1. https://www.myfxbook.com/members/FXC...uilder/1369009


I hope it may be of use in showing why it might be worth considering moving out a timeframe or two..

Attached Image (click to enlarge)
Click to Enlarge Name: EUR AUD.PNG Size: 49 KB
  • #342
  • Mar 10, 2016 8:39am Mar 10, 2016 8:39am
Anyway, a lot of palaver about nothing. Euro and USD related crap a lot of bullshit talk from Draghi a fair bit of currency warfare across the atlantic... after all we're still under 7500 here.
Sold more around there but as mentioned before, would counter buy double around 7430 for 30-40 pips but volatility is to high tonight, Anything can happen.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH1f.png Size: 42 KB
Don't get mad, get even!
  • #343
  • Mar 10, 2016 9:20am Mar 10, 2016 9:20am
Quoting FXClarity
..Just to add a little colour to my earlier post by way of demonstration. Here is a recent trade in the EUR AUD. Timeframe is 4 hour chart. Tight entry taken under a critical level and a 4 hour 'snap back' point - 1.45 into an exhausted move. Low leverage used but the range off this timeframe rewards the low leverage entry by the amount of ground it covers.. I'm sure there are plenty of traders out there better than me but treating this as a business - I look for consistent monthly returns which are validated in the linked and verified MyFXBook...
excellent trade on EA! i was also long but already cleared the position for some profit.
aud is showing weakness across the board and ea, ga and audchf are winners. it is still holding against usd - another currency taking the hit except exotics
As Above, So Below
  • #344
  • Mar 10, 2016 9:25am Mar 10, 2016 9:25am
Quoting stulic
Anyway, a lot of palaver about nothing. Euro and USD related crap a lot of bullshit talk from Draghi a fair bit of currency warfare across the atlantic... after all we're still under 7500 here. Sold more around there but as mentioned before, would counter buy double around 7430 for 30-40 pips but volatility is to high tonight, Anything can happen. {image}
probably you got your long orders filled. i also have hedge longs from little higher and expecting some profit and then get out. not holding any longs for longer term. waiting for 7490 to sell.
As Above, So Below
  • #345
  • Mar 10, 2016 9:28am Mar 10, 2016 9:28am
Yeah, those key '00's are where the big guns fire their cannons - we simply have to jump on for the ride.

How many times have we seen that one play out? just gotta 'sit on your hands' and let it come to you.

You still holding your shorts in AU?
  • #346
  • Mar 10, 2016 9:36am Mar 10, 2016 9:36am
Quoting FXClarity
Yeah, those key '00's are where the big guns fire their cannons - we simply have to jump on for the ride. How many times have we seen that one play out? just gotta 'sit on your hands' and let it come to you. You still holding your shorts in AU?
no au shorts right now, even though have short aj and just closed audchf shorts. have 2 au hedge longs left but planning to reverse around 7490 if we reach there. not really convinced yet if 7530 is the long term high even though experiencing some weakness. there are couple of levels 4h needs to clear before opening path to 7250. lets see.
As Above, So Below
  • #347
  • Mar 10, 2016 9:40am Mar 10, 2016 9:40am
Fair play - you know what you are doing..Money management rules, eh

I'm out of AU Longs now - easy part of the trade is done and as a famous trader once said / wrote - "leave a little sunshine for the next guy / (girl)"
  • #348
  • Mar 10, 2016 9:51am Mar 10, 2016 9:51am
Quoting FXClarity
Fair play - you know what you are doing..Money management rules, eh I'm out of AU Longs now - easy part of the trade is done and as a famous trader once said / wrote - "leave a little sunshine for the next guy / (girl)"
finally my account is breathing some fresh air after getting out some bad positions, locking profits and having a good cushion of capital to get into more au shorts. this is not a easy game, but you did great with your au longs and now with ea long. well done buddy.
As Above, So Below
  • #349
  • Mar 10, 2016 12:18pm Mar 10, 2016 12:18pm
a clear bull weakness but now it all depends how bear will defend the zones won and if can break the trendline
Attached Image (click to enlarge)
Click to Enlarge Name: Picture.png Size: 93 KB
As Above, So Below
  • #350
  • Mar 10, 2016 12:46pm Mar 10, 2016 12:46pm
Quoting tashkent
{quote} probably you got your long orders filled. i also have hedge longs from little higher and expecting some profit and then get out. not holding any longs for longer term. waiting for 7490 to sell.
I'm out for +15 not convinced this will go further past 7450, can see it rather at 7405 for another pullback.
Don't get mad, get even!
  • #351
  • Mar 10, 2016 1:01pm Mar 10, 2016 1:01pm
Quoting stulic
{quote} I'm out for +15 not convinced this will go further past 7450, can see it rather at 7405 for another pullback.
per PA, probably should test higher.
today we had great euro rally against usd thanks to ecb. pound sterling, swiss frank, yen joined. metals also rallied but what the heck was wrong with aud? does anybody make any sense out of this?
As Above, So Below
  • #352
  • Mar 10, 2016 1:26pm Mar 10, 2016 1:26pm
Quoting tashkent
{quote} per PA, probably should test higher. today we had great euro rally against usd thanks to ecb. pound sterling, swiss frank, yen joined. metals also rallied but what the heck was wrong with aud? does anybody make any sense out of this?
Not even attempting to. The odds for an April RBA cut have definitely increased, but then again look at the Euro. Rates slashed to zero and QE expanded but billions short-squeezed and the bugger shoots through the roof.
Don't get mad, get even!
  • #353
  • Mar 10, 2016 1:37pm Mar 10, 2016 1:37pm
Quoting stulic
{quote} True that, just didn't draw one, and from experience know that holiday period levels aren't respected as much long term due to low volume and higher volatility, especially between October-February and June-August periods.
thanks!
Hope for the best, prepare for the worst.
  • #354
  • Mar 10, 2016 1:47pm Mar 10, 2016 1:47pm
still got my AU shorts, now ranging from 7209 to 7510 but have cleared some non highest positions for small profits on the pullback we've had. Set it up so that regardless of whether we see 7410 or 7530 next I'm in a better position than last time we were there.

With the double bottom on 1 hour chart (7410 and 7412) I had my next limit set for 7425 (same principle as FXClarity at post 347 re sunshine) so just missed that whilst sleeping.
Hope for the best, prepare for the worst.
  • #355
  • Mar 10, 2016 1:49pm Mar 10, 2016 1:49pm
Quoting FXClarity
..Just to add a little colour to my earlier post by way of demonstration. Here is a recent trade in the EUR AUD. Timeframe is 4 hour chart. Tight entry taken under a critical level and a 4 hour 'snap back' point - 1.45 into an exhausted move. Low leverage used but the range off this timeframe rewards the low leverage entry by the amount of ground it covers.. I'm sure there are plenty of traders out there better than me but treating this as a business - I look for consistent monthly returns which are validated in the linked and verified MyFXBook...
do you still have your long on EA? Was very surprised this morning to see the 500+ pip move up in such a short time. What's your target if you are still holding? (Well done too!)
Hope for the best, prepare for the worst.
  • #356
  • Mar 10, 2016 2:08pm Mar 10, 2016 2:08pm
Quoting dab
{quote} do you still have your long on EA? Was very surprised this morning to see the 500+ pip move up in such a short time. What's your target if you are still holding? (Well done too!)
Hi dab,

Target is 1.5157 on EUR AUD...when that pair kicks, it goes like a top athlete on steroids..

I've taken profits on this simply because doing so allowed me to hit my % profit quota for Q1 nice and early into March. Time for a few days away from the charts and time to be with my wife and kids.
  • #357
  • Edited 3:47pm Mar 10, 2016 3:30pm | Edited 3:47pm
Quoting stulic
{quote} Not even attempting to. The odds for an April RBA cut have definitely increased, but then again look at the Euro. Rates slashed to zero and QE expanded but billions short-squeezed and the bugger shoots through the roof.
after some digging i got an partial answer: China.
China will eventually bring aud down.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Picture.png Size: 156 KB
Click to Enlarge Name: Picture1.png Size: 27 KB
As Above, So Below
  • #358
  • Mar 10, 2016 5:11pm Mar 10, 2016 5:11pm
With iron ore and coal being Australia's biggest export, roughly accounting for almost half of our exported 'goods'.

The 20% spike in iron ore is what caused the 400 pip move combined with favourable AU GDP figures, a bit of a freak jump. Ore peaked at $63 a ton, back down to about $57 today (the chart looks very similar to the currency).

Word on the street is that the ore spike was caused by China's iron mills forced closure for a week, so they replenished their stocks. I also read that China said this price was unsustainable long term (months) and expect it to ease back to near $30.

I have read mixed reports here, stating that this high price will keep, but I am sure that news is promoted by government/miners wanting to keep this nice price to keep their wallets fat.

China's growth was predicted at 6.5% for this year, not as high as it has been in recent years so a definite slowing there. Australian budget due in May cannot hide the fact slowing demand of ore is maintained and Australia cannot pay their debts. Currently propped up by a housing boom, we know how this turns out.

Australia wants to move to non resource exports to maintain growth, the need a low dollar. 0.70 at least. I'm still going with 0.65 by end of year if USD is on track with their rates raising exercise.

Cheers
  • #359
  • Mar 10, 2016 5:58pm Mar 10, 2016 5:58pm
Quoting redalert
With iron ore and coal being Australia's biggest export, roughly accounting for almost half of our exported 'goods'. The 20% spike in iron ore is what caused the 400 pip move combined with favourable AU GDP figures, a bit of a freak jump. Ore peaked at $63 a ton, back down to about $57 today (the chart looks very similar to the currency). Word on the street is that the ore spike was caused by China's iron mills forced closure for a week, so they replenished their stocks. I also read that China said this price was unsustainable long term (months)...
this is an excellent post RA and i am obliged to thank you for the information!
As Above, So Below
  • #360
  • Mar 11, 2016 12:46am Mar 11, 2016 12:46am
Quoting tashkent
{quote} this is an excellent post RA and i am obliged to thank you for the information!
There must be something else. Because all that mentioned doesn't push the AUD back. Something fishy is happening. I know markets are irrational, but this is stupid, not irrational. As a trend trader I don't understand bull action at these levels. Just don't get it.
0 traders viewing now