Is it worth shorting at break of 9585 ??
Hi Vivien. These basing or topping formations are very powerful when they form properly. This isn’t exactly perfect but could still work. I would wait for a break, then wait again until the neckline is re-tested. If it holds the re-test then you can enter with a relatively tight stop above the level.
Lot of waiting involved but that is an FX trader’s lot!
The trendline break at 0.9612 is a big negative for this pair today. If it rallies it has to rally against all odds. if GDP data is positive we will see 0.9558 and we can buy there
Hi Sean, after watching todays price action in Aussie $ what are you thinking? Do you think a short around 0.9720-30 or 0.9680-90.
Yesterday we did clean out most of the short stops and do you think now it will run some stops on the upside to 0.9830-40 levels perhaps.
Nice pick yesterday Yass. I think we can be patient, might see prices close to 9800 in next few sessions? Prob still few shorts out there i
just checked sean. i have to change my view. trendline break is a big negative the rising trendline for days is broken and now 0.9601 is real support for this pair
Yes agree Nachiket, cud be nasty below there
pullback from 0.9596. interesting. dead cat bounce. more pump before a dump
Hi Sean, here’s a novice question to ask you: with USDCHF sitting only <20 pips above 9590 support, where should I set the stop? If I set at 9580, then I run the risk of getting stopped out on a false break. Many times to my frustration ccy pairs overshot by 20, 30 pips or more over support then reversed, leaving me selling at the worst possible level. Thanks!
No worries Jasper, we all are faced with same problem and if I had a $ for every time I’ve been stopped out at lows and highs, I’d be a rich man!
I for instance have my trailing stop-loss at 9575. If it spikes lower and straight back again, then I will consider buying back in again
What would be your normal trailing stops (in pips)?
What do you mean by “long liquidation” ? Bulls to cut their loss below 9590 ?
Sean,ignore my question. sometimes i dont even know what im asking. with these sort of volatility, 50 pips is nothing (provided i can take it).
Yes Lio, apologise for the market short-hand
Yes exactly Danny, totally depends on mkt conditions
Your email address will not be published. Required fields are marked *
Notify me of follow-up comments by email.
Notify me of new posts by email.