FX:AUDUSD   Australian Dollar / U.S. Dollar
95 8 0
Classically the medium line should be reached again before further down.
Here you're running against the pervasive trend, but indeed, the correction seems to be under way. Maybe up to your pink moving average?
motleifaul ForceFollower
I don't know. I am taking the profit here. But it seems to me that the coorection will take us a bit higher anyway. I am waiting for a little downward correction in the 1 hour scale and the, perhaps take another long position.
ForceFollower motleifaul
So far so good. I don't know, how far it will get to. Judging by my tools, this up move is almost done. It will probably go a little bit higher, like to the basic trend line, but at the touch of the trend line, I give it 80% chance the sellers will step in and push it down. According to my strategy, in this kind of environment I'd be only hunting for a short entry. But, as you remember, my strategy fails sometimes too.
motleifaul ForceFollower
Your trend following strategy is a good one and following it should in average be profitable.
Perhaps you are right. The moveent may be over for this time. I heve been looking a bit deeper into the chart now and it looks for me like a beginning trend changing now. But it will take time as the trend is still good intact. I expect rabge trading now for a longer time(2 months?) with trading opportunities in both directions.
ForceFollower motleifaul
That's fine. Anyway, my eyes are more on GBP/CAD now, watching my long postion. :-)
motleifaul ForceFollower
That's wise. :-)
motleifaul motleifaul
I went long now again but nt for long I assume. :-)
motleifaul motleifaul
For as long as now. I am taking the second profit out of this deal. The median line has not been reached yet, but the 50% retracement of the second downwave. As we are still in a downtrend i am rather reluctant and will now stand at the sidelines for a while here.
Let's watch whether the medium term sideward range now begins or the downtrend will resume.
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