AUD/USD - The brave go long, the rest will follow
Dear community,
this is my very first piece I want to share with you and I am quite excited about this one as it could turn out to be quite a winner. Feedback is always welcome!
On the business-side of things;
I have been watching this pair (AUDUSD) now for quite some time, waiting for a good chance to buy. The basis of this is very simple, following the approach 'everything that goes down will come up again' - maybe not everything but you know where I am coming from. Looking at the weekly chart cleans up the chart nicely and actually comes up with crystal clear patterns.
The current situations sees that the price is nibbling on a resistance level, which in my opinion is just a matter of time to be broken down. Once that's done the way is open till at least the 50% Retracement. My personal trade aims for the 61% and beyond but that is pure speculation at this stage and only time will tell. Disciplined stop-management will keep me out of trouble and secure any profits.
On the flip side there is, of course, a scenario that goes the other direction. Unfortunately I don't have a crystal ball that tells me the future but only charts, which I try really hard to decode. That being said: I only trade what I see, not what I hope for. I think that is a lesson to be learnt and most traders go through it at one stage. If I am not happy how it goes I will cut my losses and move on.
So what's the alternative scenario? The price will drop back into the blue triangle and below, hence a fake breakout. The chances are on my side so fingers crossed.
More conservative minds should probably wait for the resistance to be chewed up. That would be just another confirmation of a change of direction.
That's it. Good luck everyone. Happy about any feedback and discussion.
Thank you!
this is my very first piece I want to share with you and I am quite excited about this one as it could turn out to be quite a winner. Feedback is always welcome!
On the business-side of things;
I have been watching this pair (AUDUSD) now for quite some time, waiting for a good chance to buy. The basis of this is very simple, following the approach 'everything that goes down will come up again' - maybe not everything but you know where I am coming from. Looking at the weekly chart cleans up the chart nicely and actually comes up with crystal clear patterns.
The current situations sees that the price is nibbling on a resistance level, which in my opinion is just a matter of time to be broken down. Once that's done the way is open till at least the 50% Retracement. My personal trade aims for the 61% and beyond but that is pure speculation at this stage and only time will tell. Disciplined stop-management will keep me out of trouble and secure any profits.
On the flip side there is, of course, a scenario that goes the other direction. Unfortunately I don't have a crystal ball that tells me the future but only charts, which I try really hard to decode. That being said: I only trade what I see, not what I hope for. I think that is a lesson to be learnt and most traders go through it at one stage. If I am not happy how it goes I will cut my losses and move on.
So what's the alternative scenario? The price will drop back into the blue triangle and below, hence a fake breakout. The chances are on my side so fingers crossed.
More conservative minds should probably wait for the resistance to be chewed up. That would be just another confirmation of a change of direction.
That's it. Good luck everyone. Happy about any feedback and discussion.
Thank you!
Comment:
A quick look on the daily chart shows that the correction could be over now, opening the way for new highs.
Looking at the daily chart the current correction is very apparent and obvious, however the correction target has been nearly reached so lets see what the next week brings.