AUD,NZD/Trade Ideas

Cheap trade of the day

I have no strong views at all this morning but  a friend of mine who’s an excellent AUD trader reckons that if AUD/USD falls to 1.0280 and cannot break through, then we can buy with a tight stop looking only for a swift 40/50 pips. Sounds like a reasonable plan to me.

  1. I presume you mean short-term Szabi? I have very minor bearish-bias, only because I think the market will test reported stops below 13000 because that’s what the market does. So mild bias towards selling rallies but only for 100 pip dip

  2. Hi Vivien, this guy is the least technical person I know, couldn’t give a stuff about Fibos, trendlines, MAs etc. He trades entirely off mkt info and feel, so I’m guessing the bids at 10280 are solid? That said, orders are cancelled all the time so that’s why we wait and see if level holds first to confirm that buyers are actually really there.

  3. Hard to believe for an ex-cable trader to have more than 1 friend 🙂 No this guy wouldn’t know where to start with the P&F chart- that was the Guru who I’m going to have to try and coax back into the limelight 🙂

  4. Good morning Sean,

    For me the cheap trade is buy USDJPY @ 79.8 SL 79.75, Target 80.40. I am certain that either the USDJPY or EURJPY will go test their weekly trendline resistance…but AUDUSD is more exciting!

  5. Now that is a cheap trade Iridium, I’ll have to watch that closely. I’ve hardly ever seen a 5-pip stop before. You must be on the .2pip interbank pricing??

  6. Yes sean, Id like to believe 1.0280 will have some really solid bids.Not only is it the above mentioned 50% retracement, it was also the last period of congestion through which the aussie broke out on the 16th. Id be looking to buy around that area.But not really sure about a target as yet.50 pips sounds about right though.Maybe a retest of a higher time frame moving possibly.

  7. I didn’t. USDJPY gets me nuts because of its extremely slow movement…This is why I almost never trade it. But it looks natural for JPY to go test again the 80 barrier, with at some point a breakout.

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