AUD/USD: I really hope that wasn’t the bottom yesterday
I listened to people I shouldn’t have yesterday when I wanted to buy below .9350. I really should know better, take the trades I like and ignore what others say. Too late now, but hopefully there will be other dip-buying opportunities in coming weeks. I suspect that we will have a broad 300 pip consolidation between .9350/.9650 in the next few sessions.
I’m almost sure that the EUR/AUD buying is finished and with Japanese semi-officials reportedly buying dips in AUD/JPY, it looks like the AUD flows are being reversed in the short-term at least.
Hi Sean, same here, I also thought of buying AUD yesterday but the bear trend seemed so strong … I actually bought at 0.9390 but let it go at B/E after it dropped from 9440. Here’s hoping for another chance …
We could have top formation on EUR/AUD with the neckline at 1.3955 ?? If we break this level it could be a good opportunity to sell the pullback with tight stop for example : Sell one unit at 1.3955 SL above 1.4000 ???
Sorry to hear about that Sean, it was bound to happen.On the hourly charts there is a small h&s pattern with a neckline at 0.9480 , maybe after this break you can look to buy a potential re-test of neckline ??
http://img571.imageshack.us/img571/3096/euraud.jpg
Exactly Drive, maybe just start building smalls but I can’t imagine the AUD turning from bearish to bullish overnight so surely will get more chances ?
Hi Sean,
How are you? I like reading your posts back at forexlive and like the way you share your knowledge/experience. I thought I’d never hear from you again until I found out that you’re still posting things here. Again, thanks for sharing and have a great day!
-Ray-
Has possibilities Papillon for sure. That’s what I spend my whole day doing, looking foir these potential developments. Maybe only 1 oin 5 actual develops into anythg promising but they give great trade opportunities with excellent risk reward
Fortunately, I haven’t jumped in this morning. I have waited for the pullback and then we spiked up at 1.4050 😉
If you get a re-test you can jump in , on the other hand the hammer pattern can be traded easily with a stop below the low ( +/- a few pips for stop hunting ) and build it on intraday signals. As for turning from bearish to bullish , the aussie does that often check daily on March 2013, Oct and Sept 2012 , June 2012 , Oct 2011. If a signal is given is usually a high probability with the AUD.
We chase risk reward. I am going to try out it.
Good to hear from you again Ray. Yep, still here, can’t help myself 🙂 Love the adrenalin rush of the mkt especially when its moving. Still chasing that elusive retirement trade 🙂
Retail traders long from 9440-50 maybe price back to this area.
Likewise, I took some longs at 0.9360 but scrapped them when it looked like the bottom might fall out of the market. I can only blame myself for this though. Hoping to see the 93c level again as it seems like it’s respecting the downward channel for now.