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Makes me think that as a retail investor FX must be purely traded from a T/A perspective as the firms can't be 'pipped at the post'.
Makes me think that as a retail investor FX must be purely traded from a T/A perspective as the firms can't be 'pipped at the post'.
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Makes me think that as a retail investor FX must be purely traded from a T/A perspective as the firms can't be 'pipped at the post'.
I believe so - at least in the short term. You can still trade the 4 hour or daily candles with a fundamental bent. With an honours degree in Economics I started out this way but quickly discovered trading technically is the only way to trade the forex market in the short term.
AUD/USD
Early selling pressure on Tuesday, but the 2nd 12 hour pattern didn't
provide a continuation pattern of a further weakness....
instead it set up for a higher daily close...
Wednesday has already reached it's highs, but whilst above the weekly level
@1.0536, we could see more buying towards the Weekly highs @ 1.0639
Early selling pressure on Tuesday, but the 2nd 12 hour pattern didn't
provide a continuation pattern of a further weakness....
instead it set up for a higher daily close...
Wednesday has already reached it's highs, but whilst above the weekly level
@1.0536, we could see more buying towards the Weekly highs @ 1.0639
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nukz
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The USD is in freefall right now, AUD is going vertical
Wysiwyg
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Yeah that is a wicked blast up. Killed this little AUD/USD bear last night. 
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Yes, I love that fact. I'm not dismissing at all the benefits or discipline required to complete a university degree but I do get a bit of a kick out of making triple the amount my friends are who have just completed uni. Not to mention I work on my terms, my hours etc.
Originally I was just going to trade CFD equities however my limited initial capital restricted me to trading forex - in my opinion a much more exciting, fast and convenient market. I gained NOTHING out of those free brochures the brokers give out "The top 10 mistakes made when trading CFDs" etc. Nor did I gain anything from paper trading. With brokers like IG offering minimum $1 contracts nothing beats real, hands on experience and the psychology behind it. I'll never stop learning but I knew since day one forex trading was the career for me!
AUD Weekly and Daily range
AUD has continued to push higher (above Yearly highs @ 1.0612) , and can continue
to follow the trend towards the Weekly and Monthly highs in MAY...
However, my view is that the AUD is starting with a '2-day reversal pattern',
as long, as it remains below 1.0955-62 (11am)
AUD has continued to push higher (above Yearly highs @ 1.0612) , and can continue
to follow the trend towards the Weekly and Monthly highs in MAY...
However, my view is that the AUD is starting with a '2-day reversal pattern',
as long, as it remains below 1.0955-62 (11am)
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AUD/USD
AUD has rallied in early Sunday trading, moving into the channel highs and
also a precise 84 pip spiral top @ 1.1008
Monday is either going to settle above 1.0962 and then continue towards the
Weekly highs...
or follow a 2-day reversal :- 10962 is the trend guide @ 11am
AUD has rallied in early Sunday trading, moving into the channel highs and
also a precise 84 pip spiral top @ 1.1008
Monday is either going to settle above 1.0962 and then continue towards the
Weekly highs...
or follow a 2-day reversal :- 10962 is the trend guide @ 11am
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Wysiwyg
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professor_frink
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I hope so. Have short two bucks/pip from 1.10092 that it does.
Due you think you are being a little aggressive bring the stop into BE so quickly? Liquidity might be a little on the low side in europe tonight so there could be a fakeout before any real move down begins IMHO.
Good luck with the short though, hope it goes well
Wysiwyg
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You may be right but if the upper trend channel line remains intact, a break of this new high will see price go past my entry more than I wish to tolerate. Thanks.Due you think you are being a little aggressive bring the stop into BE so quickly? Liquidity might be a little on the low side in europe tonight so there could be a fakeout before any real move down begins IMHO.
Good luck with the short though, hope it goes well
AUD daily range & spiral filter (84 pip)
currently trading under 1.0962 @ 11am, after coming down from the
earlier highs (spiral top)
Whilst it's below 1.0962, movement is based on 84 pips....with the view that it has
the potential to continue for 2-days (random length)
To help validate a 2-day reversal pattern, it needs to break support levels in the
12-hour @ 1.0081-1.0084
currently trading under 1.0962 @ 11am, after coming down from the
earlier highs (spiral top)
Whilst it's below 1.0962, movement is based on 84 pips....with the view that it has
the potential to continue for 2-days (random length)
To help validate a 2-day reversal pattern, it needs to break support levels in the
12-hour @ 1.0081-1.0084
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Wysiwyg
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That scenario failed to unfold and a precision push to the same high as I shorted at has occurred. Gotta love how easy price is manipulated hey? Cost me nothin.
Wysiwyg
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Due you think you are being a little aggressive bring the stop into BE so quickly? Liquidity might be a little on the low side in europe tonight so there could be a fakeout before any real move down begins IMHO.
Good luck with the short though, hope it goes well
That second rally to the same all time high was precision hey. Cost me nothing and with two smalls I was hardly a financial target. My belief that price would continue up if reaching that high again was made wrong.
Wysiwyg
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So opened a short trade of two minis at 1.10092 with the aim of hitting a significant down move off the upper trend line. Moved stop to break even and went to work.I hope so. Have short two bucks/pip from 1.10092 that it does.
The visual result of leaving my stop loss at break even while aiming for an intermediate or major top resulted in the price going back to my entry point before dropping away "considerably". The common play is to spike price higher than the previous high to catch out any close stops before falling away or just a continuation of the up trend.
Can't beat the house no matter what I do. Time to disconnect their vacuum cleaner.
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AUD Weekly, Daily and Spiral filter
AUD completes the 2-day reversal, as it goes looking for the
Weekly level @ 1.0796.
There hasn't been a breakout of the 5-day lows, therefore there is now the
possibility that the trend can continue up towards this week's highs, and then
the monthly highs.
However, there isn't a valid long set-up to trade during the first 12 hours,
other than using random support around 1.0803/13 (Wednesday's lows)
AUD is either going to remain above support.....(consolidate 1 day, and then
continue upwards over the next 2-days:- Thursday/Friday)
or follow the dominate range of 84 pips and continue lower (breaking support)
AUD completes the 2-day reversal, as it goes looking for the
Weekly level @ 1.0796.
There hasn't been a breakout of the 5-day lows, therefore there is now the
possibility that the trend can continue up towards this week's highs, and then
the monthly highs.
However, there isn't a valid long set-up to trade during the first 12 hours,
other than using random support around 1.0803/13 (Wednesday's lows)
AUD is either going to remain above support.....(consolidate 1 day, and then
continue upwards over the next 2-days:- Thursday/Friday)
or follow the dominate range of 84 pips and continue lower (breaking support)
Attachments
AUD/USD
Weekly level and Wednesday's support holding.....
If the trend is going to continue upwards, I've mapped out a possible price pattern
that could occur today
However, there is always the possibility that Support breaks....
therefore partial exit longs (41 pips from today's lows @ 1.0830
and run stops below the lows (&) hold
Weekly level and Wednesday's support holding.....
If the trend is going to continue upwards, I've mapped out a possible price pattern
that could occur today
However, there is always the possibility that Support breaks....
therefore partial exit longs (41 pips from today's lows @ 1.0830
and run stops below the lows (&) hold
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professor_frink
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So opened a short trade of two minis at 1.10092 with the aim of hitting a significant down move off the upper trend line. Moved stop to break even and went to work.
The visual result of leaving my stop loss at break even while aiming for an intermediate or major top resulted in the price going back to my entry point before dropping away "considerably". The common play is to spike price higher than the previous high to catch out any close stops before falling away or just a continuation of the up trend.
Can't beat the house no matter what I do. Time to disconnect their vacuum cleaner.
Just a thought, perhaps look at scaling out as an alternative to trying to defend the entire position via a BE stop. Half the position off @3R, then leaving stop in it's original place can help with times like this where you would be shaken out before the move really begins.
I know you said that this trade cost you nothing, and looking at it from one perspective you are quite right. Looking at it another way you've basically picked the top to the pip and not made anything off the 200 pip move down. Pretty big opportunity cost IMHO
