My longer term bias on the australian dollar is bearish, and my favorite charts are GBPAUD and AUDUSD. On the GBPAUD I have a long position taken a month ago, which I'm slowly building up. On the AUDUSD I'm still trying to pick a top. Yes, top picking is usually useless, but I'm using very small positions that won't take more than 0.1% of my account, if I'm wrong. My plan is to build a position, not to take trades, and having a small short position at the top would boost my confidence. Two weeks ago, I got stopped out on my short, but I still remained bearish, and I will be bearish until this pair will go above 0.98000, come back and test 0.98000 and rally again. At that time, when we had the breakout, everybody was bullish. Next day, bam, false breakout. On the 10th, retest of that false breakout, rejected. When will the downtrend start? Who the hell knows? But I really believe it will.
Comments
vlad.adrian
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27.08.2014 I'm going on stand by for the moment. It does not look like this pair wants to go down. Short closed
Timing_is_key
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I like your anology on the Bull Trap, The greedy B#*&%ards even went back for seconds:)