Published on Thursday September 2nd, 2010 at 03:55PM by dudleymuggins
Yes, I know that this pair seem to be in total freefall and there are no re-deeming factors to consider a long, but it is approaching a fresh demand area so, maybe time to buy the pound against the Aussie. It actually goes with my trade idea for shorting the Aussie (against the Dollar), so maybe not so foolish afterall.
Ahh, nice technical setup. Careful though... Australia just reported super strong GDP figures and UK's set to release its services PMI later. Your Aussie short must be working really well since it's falling now, haha. Thanks for sharing your trade ideas and may the pips be with you!
One strategy I like to incorporate when I'm feeling "ballsy" is the stop and reverse approach.In this case, I would buy at that area you pointed out but if price goes against me, I will close my position, take a small loss, and reverse my position. :D
It's stalled just above the demand area, maybe it'll go down later today and trigger your trade. My GU long wasn't triggered yesterday and price went up to pass my TP after missing my limit order by 10 pips or so!
See chart, price has now entered into the demand zone, but I am still hoping for it to go down another 70+ pips to trigger my entry @ 1.6750. This is quite a large demand zone, so I am being very conservative with the entry.
Still waiting for this long to trigger. Just missed by 4 pips. But could still come back. Really, I should have been shorting this all the way down to my trigger point. Unfortunately got up too late again this morning to take the DADs entry short.
I cancelled my order at 1.6750 and decided to open manually. I got an entry at 1.6741 and just closed for 15 pips as it is a slow day with the US markiets being closed and me reverting to type of being a scalper. So I am up for the day and will wait for tomorrow for my next trade.
Well, as usual, my entry is good, but my exit is awful. I scalped 15 pips from this, but it moved up another 60 pips. I really need to lose my scalpers mentality if I am going to get the big pips.
This trade idea hasn't done too badly either (unfortunately I only got 15 pips due to my scalping tendency). It went up 140 pips from my entry point and has now reversed at a supply zone. So we may get another chance to go long again. Or maybe this time it will just blow through the demand area (due to longer term fundamentals i.e weak pound, strong Aussie).
On Thursday September 2nd, 2010 at 11:22PM by kiloandstitch Like - 0 People
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On Friday September 3rd, 2010 at 04:11AM by colstreamer Like - 0 People
On Friday September 3rd, 2010 at 09:24AM by dudleymuggins Like - 0 People
See chart, price has now entered into the demand zone, but I am still hoping for it to go down another 70+ pips to trigger my entry @ 1.6750. This is quite a large demand zone, so I am being very conservative with the entry.On Monday September 6th, 2010 at 06:45AM by dudleymuggins Like - 0 People
Still waiting for this long to trigger. Just missed by 4 pips. But could still come back. Really, I should have been shorting this all the way down to my trigger point. Unfortunately got up too late again this morning to take the DADs entry short.On Monday September 6th, 2010 at 08:17AM by dudleymuggins Like - 0 People
I cancelled my order at 1.6750 and decided to open manually. I got an entry at 1.6741 and just closed for 15 pips as it is a slow day with the US markiets being closed and me reverting to type of being a scalper. So I am up for the day and will wait for tomorrow for my next trade.On Monday September 6th, 2010 at 11:23AM by dudleymuggins Like - 0 People
Well, as usual, my entry is good, but my exit is awful. I scalped 15 pips from this, but it moved up another 60 pips. I really need to lose my scalpers mentality if I am going to get the big pips.On Tuesday September 7th, 2010 at 08:00AM by dudleymuggins Like - 0 People
This trade idea hasn't done too badly either (unfortunately I only got 15 pips due to my scalping tendency). It went up 140 pips from my entry point and has now reversed at a supply zone. So we may get another chance to go long again. Or maybe this time it will just blow through the demand area (due to longer term fundamentals i.e weak pound, strong Aussie).Leave A Comment
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