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AUD/USD

  • #96,361
  • Apr 13, 2016 9:55am Apr 13, 2016 9:55am
Quoting 10cents
{quote} I think the actual support is around 7550 -7580, it just happen to swing around that level on the previous dip. Can't say for sure if it will retest that level again, but i believe the support will hold before getting 78xx.
My 4H chart tells me it will go back to 7500 in near term and then move up again after that.
  • #96,362
  • Edited Apr 14, 2016 5:27am Apr 13, 2016 10:18am | Edited Apr 14, 2016 5:27am
Quoting dejcire13
{quote} My 4H chart tells me it will go back to 7500 in near term and then move up again after that.
Maybe, market can always surprise. Personally i will prefer to buy dips towards 78xx.

Currently looking at the lower TF and seems like it wants to get back to 7680. Took a long at 7641, SL at 7615

Update:

Trade closed at 7686
  • #96,363
  • Apr 13, 2016 10:32am Apr 13, 2016 10:32am
What are your thoughts on where things will go should we hit the 78xx area? Do you think we will get back into 6xxx territory before the end of 2016?
  • #96,364
  • Apr 13, 2016 10:49am Apr 13, 2016 10:49am
I have 78xx as a key level on my charts. In my opinion it is always better to long at support and short at resistance, instead of vice versa. So 78xx is certainly a better place to put shorts than now. This level is from one of my higher TF charts, so it can easily shoot 100-200 pips over.

Galvcore, do you have 72xx on your charts?

I guess 6xxx goes to the daily charts, can't figure out this big a range from the hourly charts.
  • #96,365
  • Apr 13, 2016 10:54am Apr 13, 2016 10:54am
bought it for 07840, lets c..

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_Daily_130416.png Size: 38 KB
Hero calls followed by margin calls...
  • #96,366
  • Apr 13, 2016 10:55am Apr 13, 2016 10:55am
Quoting 10cents
I have 78xx as a key level on my charts. In my opinion it is always better to long at support and short at resistance, instead of vice versa. So 78xx is certainly a better place to put shorts than now. This level is from one of my higher TF charts, so it can easily shoot 100-200 pips over. Galvcore, do you have 72xx on your charts? I guess 6xxx goes to the daily charts, can't figure out this big a range from the hourly charts.
buy low and sell high and you will be succesful in the long run
Hero calls followed by margin calls...
  • #96,367
  • Apr 13, 2016 10:55am Apr 13, 2016 10:55am
Quoting 10cents
I have 78xx as a key level on my charts. In my opinion it is always better to long at support and short at resistance, instead of vice versa. So 78xx is certainly a better place to put shorts than now. This level is from one of my higher TF charts, so it can easily shoot 100-200 pips over. Galvcore, do you have 72xx on your charts? I guess 6xxx goes to the daily charts, can't figure out this big a range from the hourly charts.
I do yes. I must admit the strength of the AUD has really surprised me these past few months and has taught me a few lessons. I am sitting back on this pair for a while.
  • #96,368
  • Apr 13, 2016 11:42am Apr 13, 2016 11:42am
Quoting galvcore
{quote} I do yes. I must admit the strength of the AUD has really surprised me these past few months and has taught me a few lessons. I am sitting back on this pair for a while.
In mid January Gold was around 1070 and the Aussie was around 68.

I learned a lesson too, when gold goes up 15% so does the Aussie
Pride always comes before destruction.... -Proverbs 16:18
  • #96,369
  • Apr 13, 2016 12:03pm Apr 13, 2016 12:03pm
I am long on AUDUSD I bought at 0.76914 on D1 chart. Things are not looking good so far...should I hold and wait? Is there any hope that it'll hit 0.78XXX?
  • #96,370
  • Apr 13, 2016 12:04pm Apr 13, 2016 12:04pm
But when the curve is ABSOLUTELY flat and there is ABSOLUTELY no PA, everything is just empty talks.

Everybody is just playing with the crosses and nobody is really trading. The PA is just piece of shit today!! All those targets, supports, resistence, they are never going to be reached if nobody is trading.

Piece of shit!! I am done trading. No point wasting my money.
Make your losses in demo. Earn your profits live.
  • #96,371
  • Apr 13, 2016 5:56pm Apr 13, 2016 5:56pm
Quoting Forexia
But when the curve is ABSOLUTELY flat and there is ABSOLUTELY no PA, everything is just empty talks. Everybody is just playing with the crosses and nobody is really trading. The PA is just piece of shit today!! All those targets, supports, resistence, they are never going to be reached if nobody is trading. Piece of shit!! I am done trading. No point wasting my money.
Sometimes the best trading is just "waiting"

COT shows alot of traders pulling out of AUD longs and shorts. ATM its far too risky to go long and no signal to short.

Short entry was above .76900.

Wait for aud employment data and will get some direction.
20 Pips a day keeps centerlink away
  • #96,372
  • Apr 13, 2016 7:45pm Apr 13, 2016 7:45pm
I am going to say it it will not hold
Attached Image (click to enlarge)
Click to Enlarge Name: aud.PNG Size: 148 KB
  • #96,373
  • Apr 13, 2016 8:06pm Apr 13, 2016 8:06pm
Quoting Benard10
I am long on AUDUSD I bought at 0.76914 on D1 chart. Things are not looking good so far...should I hold and wait? Is there any hope that it'll hit 0.78XXX?
Hmmmm... i think this is why we should buy low and sell high. When you bought AUD, its RSI indicators point to it as overbought. Ive also learned this concept trading AUD.
  • #96,374
  • Apr 13, 2016 8:08pm Apr 13, 2016 8:08pm
Quoting Compulsive
I am going to say it it will not hold {image}
Is yours spot or something else? Your screen shot showing more than 10 pips lower than my broker.
Hope for the best, prepare for the worst.
  • #96,375
  • Apr 13, 2016 8:17pm Apr 13, 2016 8:17pm
Quoting dab
{quote} Is yours spot or something else? Your screen shot showing more than 10 pips lower than my broker.
futures
  • #96,376
  • Apr 13, 2016 11:43pm Apr 13, 2016 11:43pm
Quoting dejcire13
{quote} Hmmmm... i think this is why we should buy low and sell high. When you bought AUD, its RSI indicators point to it as overbought. Ive also learned this concept trading AUD.
Yes, it pointed overbought then when I checked later it turned into oversold...and I started being roasted.
  • #96,377
  • Apr 14, 2016 12:04am Apr 14, 2016 12:04am
Quoting Benard10
{quote} Yes, it pointed overbought then when I checked later it turned into oversold...and I started being roasted.
rsi changing that quickly suggests you are on too low a timeframe.
Hope for the best, prepare for the worst.
  • #96,378
  • Apr 14, 2016 12:15am Apr 14, 2016 12:15am
Use a top down approach: HTF to LTF. Be aligned with the HTF or wait until your LTF signals align with the HTF.

KP
Quoting Benard10
{quote} Yes, it pointed overbought then when I checked later it turned into oversold...and I started being roasted.
Do your homework, follow the footprints of smart money
  • #96,379
  • Apr 14, 2016 1:21am Apr 14, 2016 1:21am
Bears' time maybe just near...

http://www.fxstreet.com/analysis/mar...ok/2016/04/14/
  • #96,380
  • Apr 14, 2016 1:43am Apr 14, 2016 1:43am
Quoting dejcire13
Bears' time maybe just near... http://www.fxstreet.com/analysis/mar...ok/2016/04/14/
thanks for sharing. I'm short, so couldn't be happier if we have a large bear move, but I caution that the article refers to "corrective phase which mirrors the action prior to the sharp downtrend commencement from August, 2014" yet when I look at weekly charts from then I see 5 months of limited range in the lead up to Sept 2014 drop and we are no where near that long of limited range at present. GBP seems to be under selling pressure (and contribuiting to A/U strength through G/A weakness) and could easily remain so until June referendum. By then A/U price action could more closely mirror the lead up to Sept 2014 so patience may be required.

I have not yet looked at some of the author's other reasoning. Trade safe!
Hope for the best, prepare for the worst.
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