FX_IDC:AUDUSD   AUSTRALIAN DOLLAR / US DOLLAR
29 18 0
Long @ 7684,7685, 7686
Stop below 7630
Will add to position
Price has moved into congestion area on daily and 4 hourly chart.
smb1721
2 years ago
Added @ 7677, 7678
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smb1721 smb1721
2 years ago
You can see horizontal support on the 4 hour chart...
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smb1721 smb1721
2 years ago
Will be interesting to see what happens IF price gets above 7705/15
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smb1721 smb1721
2 years ago
added @ 7665
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smb1721 smb1721
2 years ago
added @ 7667
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smb1721 smb1721
2 years ago
first indication that a good low is in place? if price trades above 7675 then 7690..
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smb1721 smb1721
2 years ago
im a little concerned that price is not even attempting to rally from depressed formations...!

Stop on all longs @ 7620
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smb1721 smb1721
2 years ago
...but i think a low is VERY close...!!!
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smb1721 smb1721
2 years ago
added @ 7659
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smb1721 smb1721
2 years ago
There are huge shorts in AUDUSD...IF price starts to take out upper levels could move rapidly...
Only ONE green candle on daily chart (and another small one) since the high against NINE red...!!!
Still very early days...!
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smb1721 smb1721
2 years ago
added @ 7638, 7639,7640

Moved stop on all longs to 7610
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smb1721 smb1721
2 years ago
Nothing new add at this stage...
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smb1721 smb1721
2 years ago
Came close to several points to being stopped out..!!!
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smb1721 smb1721
2 years ago
OK...nothing new to add...lets see what unfolds during the night...

Stop on all longs still @ 7610
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smb1721 smb1721
2 years ago
G.Morn all...
I think yesterday I mentioned that the price had to initially trade above 7675, so far from the lows it hit that level early hours of morning...stop remains the same..lets see how it unfolds...
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smb1721
2 years ago
My assumption is that on 4 Hour chart an abc down is complete from the highs..c has slightly extended length of a...the b was the consolidation phase.
The eurusd is also in a similar situation which gave me the confidence to begin trading euro from long side and has given good results.
The AUSUSD could display the same pattern.
If it is an abc correction from the highs then we could be in the early stages of a 5 wave up move...IF this is the case I think currencies will be a great short in due course.
In the BIGGER picture I think the US Dollar will go to at least 120, if not higher, but such moves take many months to unfold.
I do not solely rely on EW but when wave patterns are somewhat obvious i pay attention and then layer and combine my other analysis on top.
I am only dealing with possibilities..!!
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smb1721
2 years ago
OK...as its Friday and my position is not in profit with a good margin, I'm not prepared to carry it over the weekend.
As a result I have sold all my longs @ 7637
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smb1721 smb1721
2 years ago
I would not encourage going long until we see a far better set up on longer time frame chart.
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