About 36 hours ago the price bouced of the .9400 like clockwork. It is now nearing the .9700 level and the 50 Fib retrancement level. This could provide the opportunity for another short if it bounces off the 50 Fib (.9700) The RSI is getting into overbought territory and the hourly candles are definately not showing much movement.
The plan would be to wait for an open and close of the hourly candle under the 38.2 Fib level with a stop 20 pips above the 38.2, and a take profit around .9416. As usual Indicators should also confirm trade before entering.
On Thursday October 6th, 2011 at 01:57PM by Happypip - Like - 0 People
That area is also a former support level so it can act as resistance now. There's a similar setup on NZDUSD and I'm taking that, so if this goes your way, I'll win too! Good luck!
On Thursday October 6th, 2011 at 03:14PM by virgiliolayug - Like - 0 People
I'm short on AU around .9710, stop above 61.8 Fib. Did you enter as well?
On Thursday October 6th, 2011 at 03:52PM by RazorX - Like - 0 People
Negative guys - looks like the entire world is in the mood for bulls not bears today. Price has gone through the 50 fib level, and is testing the 61.8. My idea now would be to enter if there is an hourly close below the .9700 level. If the price keeps going up then the current fib is invalid and I will switch to a daily fib.
On Friday October 7th, 2011 at 11:22AM by virgiliolayug - Like - 0 People
I was actually able to grab some pips on this trade yesterday, when we saw the mini-dollar rally near the start of the US session. Good thing I closed early. would have been a disastrous day had I left my position open
On Friday October 7th, 2011 at 11:23AM by virgiliolayug - Like - 0 People
I'm actually thinking of shorting NZD/USD, but with NFP later, I don't know if it'd be a good idea. I might try a fade like Forex Gump suggested in his blog post. Your thoughts on that one?
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