FaultyKid

Catching the train both ways.

FX:AUDUSD   Australian Dollar/U.S. Dollar
87 24 0
I feel the Aussie is stalling a bit and needs more energy to continue it's up trend, and seeing there is no major fundamentals until Wednesday.

I'm going short at 0.9355 until the green area and then will take profit and go long.

Let's see how this plays out.
ForceFollower
2 years ago
The very long-term down trend still weighs heavily on this pair. Keep an eye on 0.9328. It's the key level for this pair. If it holds, we should see another rally. However, if it gets violated on close, there may be no mercy for the bulls - then I'd draw a down fork from the top of 10th April (A) with the (B) at the low of 2nd May and the (C) at the high of 14th May - and look for its median line to be hit...
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FaultyKid ForceFollower
2 years ago
That's a nice fork, Didn't even see it let's see it how it plays out.
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wuweitrader
2 years ago
Here are some other longer term forks that still seem to catch frequency. The Blue one especially still seems to be working well, though the two longer one are both up trending.
snapshot
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ForceFollower wuweitrader
2 years ago
Very nice forks. The green one is a typical stair-stepper - it's the one that says "This thing is going down". The blue one was so steep that it served as the spring being compressed, which then pushed back and spawned the recent rally; but now I think it has already done its thing and it probably won't be of much service any longer (is going to become more and more obsolete). And yet the AUD still remains strong, so it may find support on the green upper MLH and go up again. We'll see.
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wuweitrader ForceFollower
2 years ago
I left the Blue fork on since its sliding parallels are still working. It helps point out a bit of hidden frequency that might still be at play.
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FaultyKid wuweitrader
2 years ago
I'm still new to this but from what I been watching, where the green fork & red forks intersect wouldn't that be considered an energy point as they are opposing forks & attract price?
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ForceFollower FaultyKid
2 years ago
I don't watch those 'energy points'. I haven't found them to be consistently significant. There are other things more worthy of your attention.
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ForceFollower wuweitrader
2 years ago
Sure, a good decision.
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itaskar
2 years ago
Iam watching this wedge in 30
snapshot
, iam long here because the floor is coming up here
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itaskar itaskar
2 years ago
and weekly trendline support
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ForceFollower itaskar
2 years ago
There, now you have it. :) Your forks are excellent, but they're hard to conclude from. You can build a case for both a long and a short position. I don't know why, but your 30-minute chart seems to be giving me a bearish bias.
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FaultyKid ForceFollower
2 years ago
Also, here is a great fork from a previous chart, the Green! Although we have a bit of flush out.
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itaskar ForceFollower
2 years ago
yep, but if the red line in 30 is floor...we have higher floor. (I agree, context there is bearish but the black dotted looks like action/reaction line, it can make support as well now)
So, we have support in weekly, support in daily(240 is the same https://www.tradingview.com/x/sGzM39Qz/), possible support in 30. I can see good RR :)
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itaskar itaskar
2 years ago
better view on 240
snapshot
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ForceFollower itaskar
2 years ago
Yes, based on this fork it looks bullish. Now, can you see, guys, what the problem with the use of the forks only by themselves is? You can conclude both ways - and that's a major weakness of this method. Knowing the direction is one of the most important things in trading. As the old traders say: "Know the direction, and the game is yours". This is the main reasons why I recommend everyone finding a method outside the median lines methodology to confirm the direction. For instance, some people may use pivot points, moving averages, classic patterns, harmonic patterns, divergences etc. However, this other method has to be as objective and non-judgemental as possible. Me, I like to use such tools as currency relative strength, Ichimoku Kijun-Sen, simple moving averages, bollinger bands, fib retracements, alternate price projections and stochastic.
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wuweitrader ForceFollower
2 years ago
Maybe because the downsloping green sliding parallel is holding while it is stepping down in the blue upsloping fork.
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wuweitrader wuweitrader
2 years ago
sorry, this is referring to an earlier comment about bearish bias.
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FaultyKid
2 years ago
And some new fundamentals to active this down fork.
http://www.afr.com/p/national/australia_aaa_credit_rating_at_risk_5qqhkQyjknWnUmQ6RXwPLK
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FaultyKid FaultyKid
2 years ago
Probably help trigger some stops, and drag the price down.
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ForceFollower FaultyKid
2 years ago
That's a risk factor for a long position.
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itaskar
2 years ago
stoped out, daily close below the red line, watching break retest for possible short, HaS target is somewhere on the green line
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itaskar itaskar
2 years ago
on daily looks like the red line break is confimed, in this case, long from 0.9355/60
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itaskar itaskar
2 years ago
sry, 0.9255/60
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FaultyKid itaskar
2 years ago
The green median line catches that price.
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