FX:AUDUSD   Australian Dollar/U.S. Dollar
555 21 14
LONG @ 88.6 WITH SL BELOW 100%

WILL 88.6% HOLD?
MAIN TREND IS UP IMO. THESE MOVES DOWN IS CORRECTION.
IF IM RIGHT THIS IS THE START OF THE NEXT IMPULSE UP.
BREAK OF TRENDLINE WILL VALIDATE MY POINT.

I WILL ADD POSITION ONCE TRENDLINE IS BROKEN. FOR NOW, A SMALL POSITION OPENED.

Related Ideas

moneymaking
2 years ago
Hey price action, on what bases did you enter the long at 88.6? Isn't this an aggressive entry?
+1 Reply
PriceActionTrading moneymaking
2 years ago
Yes it is aggressive and predictive. Willing to bet my 2% against it any time any day. haha.
See chart for analysis, sorry for messy chart but please be patient in reading it. it clarifies, i hope.
If we see a break of trendline for this pair, a break like we have seen for GBPCAD, things could start going our way.
snapshot
+1 Reply
moneymaking PriceActionTrading
2 years ago
Ya, make sense now. I'll wait for the break of trend line with retest to join you on this. You'll probably have more pips in your account by the time I enter, LOL :)
+1 Reply
PriceActionTrading moneymaking
2 years ago
You will too :) 88.6% are always good to trade. As you should not and will not be expecting any more resistances/support coming your way other than the 100% itself. which will invalidate your setup and your trend analysis, i.e. complete trend reversal that no one can predict.
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Andyle
2 years ago
Thanks for ur chart. But I will wait for down channel breakout in 4H chart for confirmation.
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PriceActionTrading Andyle
2 years ago
Yes. That is the safer option. Keep a lookout andyle. audusd has a sorta inverse relationship with usdcad. could look at usdcad if you want.
usdcad has a similar channel breakout soon, to the downside.
+1 Reply
Andyle PriceActionTrading
2 years ago
Thanks PAT. As you say, there are some bearish divergence signals on USDCAD.
+1 Reply
PriceActionTrading Andyle
2 years ago
Always the best signal you can get.
+1 Reply
Gold is at a very strong mode support, would have to check copper and iron ore...as a sidenote, crude is about to rally hard here:

USOIL: Bullish signals
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This is it. First bullish impulse? Broke trendline.
snapshot
+2 Reply
moneymaking PriceActionTrading
2 years ago
Hey price action, also note the bullish RSI divergence at the 88.6 level. Looks good :)
+1 Reply
PriceActionTrading moneymaking
2 years ago
Yea. the divergence was there during my initial analysis. Was part of my decision to enter. Note it wasnt just a divergence, it was severely oversold as i have my RSI setting at 20,80. Not the usual 30,70. If you see, It hit 20.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Nice, I also keep the 20 and 80 levels, they show the extreme exhaustion of the market. Looks like the AUD cash rate news worked in your favor. Good work :)
+1 Reply
PriceActionTrading moneymaking
2 years ago
Well one could say that. But i wont credit it to the news. People always think news contributes to impulses. Well these "news" always decides to happens at 88.6%? I dont think so. I think it is the 88.6%, then the news to send the pair flying to some direction. Whether good news or bad, direction is not determined by the news.
+1 Reply
IvanLabrie TOP PriceActionTrading
2 years ago
Yes, looks perfect!
+1 Reply
hi priceaction would you please post your trade-setup
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PriceActionTrading manijeh.kazemi.33
2 years ago
Sorry i do not quite understand you. This is my trade setup. This idea. 88.6% + RSI divergence. With some impulse wave and correction wave analysis.
+1 Reply
manijeh.kazemi.33 PriceActionTrading
2 years ago
excuse me confused with another chart
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PriceActionTrading manijeh.kazemi.33
2 years ago
Np.
Reply
11/6/2015 UPDATE : CLOSED MY AUDUSD POSITION IN FULL FOR 150 PIPS PROFIT.
REASON : THE NEWS DID NOT ENABLE THE PAIR TO BREAK ABOVE THE PREVIOUS HIGH. AND CORRELATION WISE, EURUSD GBPUSD NZDUSD ARE ALL BEARISH. THE BIG 4 MOVES IN TANDEM SO TO BE SAFE I EXITED FROM AUDUSD LONG. IM STILL IN ON SHORT EURAUD. 200 PIPS AND COUNTING.
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PriceActionTrading PriceActionTrading
a year ago
snapshot
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