IS AUDUSD forming a medium-term bottom?

FX:AUDUSD   Australian Dollar / U.S. Dollar
After a prolonged decline from 1.08 it looks that AUDUSD             is trying to find a medium-term bottom.
Does it also a correlate with XAUUSD             which is also trying to stablizes after 3 years decline?! A break out of descending triangle would confirm the existance of a medium-term bottom.
This is not a trading signal, and we need to look also at the weekly time-frame to get better price objective. (see related link).
I am bullish too. I think it has the potential to go to 0.76, especially if you look it at a daily time frame
+1 Reply
sorinT kokoboko
Yes, 0.76 would be an initial target but let's see what happenes. Thanks for sharing your view!
+1 Reply
It looks bullish. Maybe start a small position and add to it as it works while raising your stop. I think you have found a good setup here. Take a position. Where would you put a stop if you bought a tiny position here? Pretty far away, right?
sorinT timwest
Thanks Tim for suggestions! Sure, the whole set-up looks bullish but the reason I want to wait a bit is because the stop (as you mentioned). I would put a stop right below the lowest low (0.177) which is far. I am also extended with other trades and exceeded my 10% limit on trades:). Still, I don't like to trade within triangles especially if I can not also see the volume.
kokoboko sorinT
In my oppinion there are 2 ways of making this trade. The first one is buying 1/2 of your normal size now and the other half when it forms a higher low. The stop than would be under the higher low. I personally prefer this scenario, because the higher low on a weekly time frame is not yet formed and when(if) it is formed it would be too late to buy. The second way is simply buy it at these levels and put a stop under the low. Anyways, in my opinion the trigger would be the higher low on a weekly time frame.
+1 Reply
sorinT kokoboko
Yes, I agree. As I said, I do not like trading in a structure like this one although the overall picture appears to be bullish. However, I was wrong in the past and remember that:). Better waiting late today and see, now nothing really move that much.
+1 Reply
sorinT MILAD-FX-26
Thanks, mate! Let's see how it develops in the next days...!
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