Disliked{quote} Thanks Quinton, it will be interesting to see how this develops. There were some very bearish articles about AU economy last week, and predictions of sub 50 cents on this pair longer term. Also with an election underway, both main parties are inclined to make popular promises with the public dollars, with looming increasing deficits on the horizon.Ignored
Of course, none of that necessarily affects today's PA. I will not knowingly take an opposite trade to one you take. I just got rid of a short taken earlier on AUD/USD for the miserly total of 3 pips!
Those who make those kinds of predictions are rarely accountable for the outcome. In fact, the really bold ones will simply wait until their prediction pans out (years later and after several other price ranges are hit) and exclaim that their original call was ultimately correct.
I usually do not trade oil as it tends to behave much like a stock. However, what you are proposing is a classic trend trade where we have to decide how far the retracement will go. At the moment oil is behaving in a way that would allow for this approach. The last chart you posted shows just how golden the level really is. That congestion period from last year was indeed perfect for a short as price had trouble getting through it. However, for a long, it is lacking. I would want the same...
