This descending channel on the 2-hour chart has been pretty accurate recently and if it holds I will certainly be increasing my short position again.
Sean, China is up more than 2% on the day. Could drive it higher.
Txs Jason, certainly possible, I’ve got a small offer in at 10433 just to stay interested, let’s see what happens
cleared two longs bought @1.0359 and 1.0375 @1.0425. holding 2 longs and shorts now. shorts are deep underwater. have bought them @1.0360. suggest me what to do
Sorry Nachiket, not 100% sure what you mean? You’re still running a short pos from 10360? If so, I’d cover initially on dips to 10370 and take small loss; if it breaks above 10440 then prob have to cover
Yes sean. you are right. two shorts one @1.0352 and @1.0355. both of them are underwater. bought one more @1.0409 just to hedge my longs @1.0410 and @1.0420
another retest of 1.0370 would be bearish for this pair. do u suggest to add on to shorts then?
No Nachiket; buy dips sell rallies is the oldest trading advice in the book and still the best imho 🙂
ok sir. but then do you feel i made a misktake by buying longs @1.0410 and 1.0420
AUD/USD opened this mrng 10365 so had already moved 60 pips which is decent intraday move. That’s not the time to be buying imho. If bullish, wait for dips then buy or if bearish, sell into moves higher. That’s how to get into rhythm with mkt imho
Yes. my mistake. but technically after clearing it was bullish. it is still not giving up its bullish bias. in any case i have hedged now so no worries
Hi Sean, do you think that top is formed?
Hi Jordan, no the previous channel is now negated but I still like the sideways/lower trade idea so perhaps something like this might now work with bearish momentum still in charge but easing? https://www.tradingview.com/x/PXc6fvrK/
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