AUDUSD: A traders' market
Updated
The key levels on chart give an excellent idea of what's going on in AUDUSD. My bias is the long side, so I'm buying each chance I get, on dips against support with tight stops. It's fairly easy to close in profit in a day or two most of the time. Longer term, we could be building a rally of monthly scale, but we need time to break above the resistance zone here.
While buyers defend the lows, we're safe and can join them after any adverse excursion, but book partial profits each time until we really move.
I'd reccomend using no stops, but sizing trades based on average true range values.
Good luck!
Ivan Labrie.
While buyers defend the lows, we're safe and can join them after any adverse excursion, but book partial profits each time until we really move.
I'd reccomend using no stops, but sizing trades based on average true range values.
Good luck!
Ivan Labrie.
Note
I'm long from close to today's low. I'll be reducing my stop and adding if we break the high next week. I'd rather try to buy on setbacks only.Trade closed manually
I'm flat in all FX pairs until fundamentals start making more sense. If we can't determine direction from our analysis, it's better to not trade. I mostly swing trade and don't scalp and this is a scalpers' market...or a losers' market, because most people must be losing right now. (except those trading the range)
We see a drop below support in the monthly, price will probably head lower to the next level in red. I'm flat until the quarter ends and FOMC is out of the way.
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