AUDUSD Trading Plan 4th December 2017 - REVIEW
Reference :
A : The rationale was the tax reform positivity (USD bullish) and the vanishing Australian Bond Yield, expected Dovish from RBA, I made a decision to make a plan of shorting AUDUSD. The target was at a level where were clear bids in the previous session (Friday)
B : It failed to break recent Demand zone at 0.75800. At this point when it moves to point C, I thought the market bids on the dollar after the tax reform probably faded already (as market turned their attention to the Brexit development.. market indeed is a living mechanism.. MOODY at that!).
C : It tested this level at 0.76130 and filled the weekend gap. I did notice some chart patterns that suggest rejection of this level and probably granted me another round of shorting AUDUSD but I did not "feel" the market was interesting buying dollar at that point of the day (This might sound that "gut feeling" is part of my thought process... ermm Yes and No.. its all down to the news I read) hence I did not jump in shorting the AUDUSD
Whats next? - RBA Retail Sales data in few minutes but market probably focus on RBA Rate Statement in few hours. I will try to intepret the language behind their statement and plan accordingly.
A : The rationale was the tax reform positivity (USD bullish) and the vanishing Australian Bond Yield, expected Dovish from RBA, I made a decision to make a plan of shorting AUDUSD. The target was at a level where were clear bids in the previous session (Friday)
B : It failed to break recent Demand zone at 0.75800. At this point when it moves to point C, I thought the market bids on the dollar after the tax reform probably faded already (as market turned their attention to the Brexit development.. market indeed is a living mechanism.. MOODY at that!).
C : It tested this level at 0.76130 and filled the weekend gap. I did notice some chart patterns that suggest rejection of this level and probably granted me another round of shorting AUDUSD but I did not "feel" the market was interesting buying dollar at that point of the day (This might sound that "gut feeling" is part of my thought process... ermm Yes and No.. its all down to the news I read) hence I did not jump in shorting the AUDUSD
Whats next? - RBA Retail Sales data in few minutes but market probably focus on RBA Rate Statement in few hours. I will try to intepret the language behind their statement and plan accordingly.