Please import the chart so you can see the Gann lines.
Trade Consciously, -M
Trade closed: target reached
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Comments
positionforex
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I see higher prices on a longer time frame
STEVMQ
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@APosner, its a great analysis but please consider the fundamentality of the trade as well.
positionforex
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@masihh, Are you saying you believe oil is going higher or that the AUD GDP numbers are going to weigh heavier over time? What fundamentals are you referencing?
STEVMQ
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@APosner, well Aussie economy is not in a firm situation first. The second factor is that if you look at the budget that Iran (President Rouhani) gave to the Iranian congress, he estimated it based upon a 50 dollar oil barrel. Another hint that you can get is that the energy investors are throwing money in the sector like crazy ( as the oil is like last year, 80 dollar a barrel ). So to sum it up, oil gonna go higher, Aussie HAS to ease further, Canada economy gonna firm up in next 6 month ...
positionforex
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@masihh, Respectfully I see it differently. Oil is heading to $45 over the next several weeks. What Iran budgets for isn't a meaningful oil forecast - just wishful thinking of their govt (ask Russia). Forecasts for weaker CAD are found in multiple forecasts: efxnews.com/story/34845/cad-post-boc-5-reasons-stay-bearish-cad-medium-term-nomura The AUD economy is tied to the Chinese economy and the demise of the Chinese economy is consistently predicted and then upset. The AUD is resilient against currencies other than USD.
@APosner, I really appreciate your comment. different points of views are constructive in trades. Let see what gonna happen and we can discuss the issues and points of views more.
@masihh, I think you are getting ahead of yourself in very thin trading. Also Iran is 7th in global oil production so they aren't controlling anything. I think by Wednesday or so a much clearer picture will appear so we'll see.
positionforex
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@APosner, Did you take your profit or are you still in this trade? Oil is below $51 now...