- #99,762
- Nov 20, 2016 10:40am Nov 20, 2016 10:40am
- Joined Dec 2015 | Status: Trader | 8,767 Posts
Aussie Weekly Technical Outlook
The overall trend is downwards. On the weekly time frame, the pair has been on a downside since March 2013 and has completed four price waves to the downside. It began a major retracement to the upside in January 2016 and peaked around 76.4 Fib level in April 2016. Between August and October 2016, the pair has been operating in a sideways mode but the down trend has been respected. Two weeks ago, a bearish engulfing candlestick made an attempt to breach the sideways mode. This was confirmed by a relatively large bearish candlestick last week. Should the downward drive hold, price action is likely to target the next support zone, which is around 0.71990. The technicals are in support of a further downward move. For more details on Aussie and a few other pairs, check weekly technical outlook.
I may be wrong. Trade safe.
KP
The overall trend is downwards. On the weekly time frame, the pair has been on a downside since March 2013 and has completed four price waves to the downside. It began a major retracement to the upside in January 2016 and peaked around 76.4 Fib level in April 2016. Between August and October 2016, the pair has been operating in a sideways mode but the down trend has been respected. Two weeks ago, a bearish engulfing candlestick made an attempt to breach the sideways mode. This was confirmed by a relatively large bearish candlestick last week. Should the downward drive hold, price action is likely to target the next support zone, which is around 0.71990. The technicals are in support of a further downward move. For more details on Aussie and a few other pairs, check weekly technical outlook.
I may be wrong. Trade safe.
KP
Do your homework, follow the footprints of smart money
- #99,763
- Nov 20, 2016 7:24pm Nov 20, 2016 7:24pm
I'm still in this thing, about 400pips now. This has been like the easiest trade ever. Ending Diagonals when they break, price usually moves fast and this instance has been no difference.
A little advise for you guys. AU will at least break retest the low of the A wave to complete an abc correction
But before that AU will go into a consolidation soon giving another opportunity to short it down.
This is how the market moves in waves.
A little advise for you guys. AU will at least break retest the low of the A wave to complete an abc correction
But before that AU will go into a consolidation soon giving another opportunity to short it down.
This is how the market moves in waves.
- #99,773
- Nov 20, 2016 11:13pm Nov 20, 2016 11:13pm
- | Commercial User | Joined Jan 2015 | 1,352 Posts
20 Pips a day keeps centerlink away
- #99,776
- Nov 21, 2016 7:50am Nov 21, 2016 7:50am
{quote} Ask your self one question. Do the charts direct the economy or are the charts a representation of the way the market participants respond to economic and political events? Which is which? Just like all chart patterns they are only right 60 to 70% of the time and even less. Economic events can change at any time. Wave analysis is not full proof and it does fail.
You want to know how confident I am with wave analysis and how it works. Ill use my DXY chart as an example. Its always good to start with the DXY because you want to know the strength of the dollar.
This 1st chart was made on Jan 25th. Over 10 months ago.
This is a current chart of DXY
Just think to yourself how many economical changes have happen in the last 10 months! (Russia, China, the presidency, Kim Jong-un, etc...) Yet the overall outlook remains the same. Its simply because this is how patterns behave.
- #99,780
- Nov 21, 2016 6:52pm Nov 21, 2016 6:52pm
{quote} Amazing, I got this right to the pip and yet i did not trade it...
that happens to me 90% of the time. If I pulled every trade I identified, I'd be a millionaire by now! But fact is, fear is a very real thing for us human beings so I'm not beating myself up for succumbing to fear. Better safe than sorry, grow the account slow and steady 