AUDUSD Bull

bigbax699

Recruit
Messages
35
Last time i checked AUDUSD out we saw the push up from the lower demand level . I didnt enter as i wanted it to break above and retest the blue circle area before the next push up.
But now i believe this time i will enter the market lower. If price comes back down and holds the support level of 0.6686 and create an inverse H+S then i will enter a long position with a small stop loss, this gives potential for huge R:R.
Remember use correct risk management as always, no need for greed if you catch the swing. Enjoy the rest of your Sunday markets open in only a matter of hours
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bigbax699

Recruit
Messages
35
Checking in on AUDUSD , well i got the first part correct, the yellow circle was hit as expected, but then we got the big flash crash which sent the markets into meltdown. Price has tanked through the strong support of 0.6585 we have travelled all the way back down the the bottom of the channel. Will we see a bounce from here and make a double bottom and W formation? time will tell lets see. the level of 0.6585 is the most important to break back above. If you buy round here for the swing use small positions. Ill be looking to buy back above the level above. GLIYF
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sebking1986

Recruit
Messages
183
Another pair to pay no regard to the channel it was in and shot straight through the bottom. So tough to predict such huge moves. Wait to see if it comes up to retest the channel now
 

bigbax699

Recruit
Messages
35
Well, its painful to look at AUDUSD . I saw a few people mention that it blasted through the channel but i only checked back up on it today. Wow what a drop through the channel. We have to look back to 2009 on the weekly chart level for a zone of support. The level of 61 cents is a major reversal area. Obviously we have been bearish for along time so a point in the future we will reverse and get a nice bull run, but when will that be. the last time it hit this price area it rose up to 1.1 dollar. Will history repeat itself? sometimes it does but sometimes it doesnt. but one thing for sure is that it is a cheap area to buy longs for AU and hold. Look out for the double bottom or direct reversal, lets see where monday opens
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sebking1986

Recruit
Messages
183
What a drop we're seeing on this pair. Seems to be struggling with the 0.60 psych level at the moment but wouldn't be surprised to see it go straight through tomorrow. Has to reverse at some stage though you'd think
 

Madalyn

Corporal
Messages
80
Checking in on AUDUSD , well i got the first part correct, the yellow circle was hit as expected, but then we got the big flash crash which sent the markets into meltdown. Price has tanked through the strong support of 0.6585 we have travelled all the way back down the the bottom of the channel. Will we see a bounce from here and make a double bottom and W formation? time will tell lets see. the level of 0.6585 is the most important to break back above. If you buy round here for the swing use small positions. Ill be looking to buy back above the level above. GLIYF View attachment 51682
Thanks for the update.
 

bigbax699

Recruit
Messages
35
Well we revisit our old friend AUDUSD today. Looking at price how can we argue against looking for sells. Its a long way away from the days we were looking at H+S above for longs and inverted H+S . With the world problems an AUD only just going into lockdown, i cant see any strength in AUD for a long time. I will be looking for sells if price moves up a little more to the resistance area above at .60 cents. I think that it will retest the lows again for sure before it ever makes a new bull move upwards. Stay safe everyone not just in trading but in life also at these hard times. GLIYF
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Madalyn

Corporal
Messages
80
Well we revisit our old friend AUDUSD today. Looking at price how can we argue against looking for sells. Its a long way away from the days we were looking at H+S above for longs and inverted H+S . With the world problems an AUD only just going into lockdown, i cant see any strength in AUD for a long time. I will be looking for sells if price moves up a little more to the resistance area above at .60 cents. I think that it will retest the lows again for sure before it ever makes a new bull move upwards. Stay safe everyone not just in trading but in life also at these hard times. GLIYFView attachment 52116
Thanks as always :)
 

bigbax699

Recruit
Messages
35
Been a while since we looked at AUDUSD . WE have broke back that strong support level . I think its due to China being back to production. Ive read some industries are shipping to Australia on building's supplies/ glass etc etc. This will be good for AUD as they will also be exporting to China. Plus we have the big pump project for USD, and that surely over time cant be good for USD strength. It should be seen as weakness, my opinion is to by the dips now in AUDUSD . Hopefully we get a nice little dip back to the support soon before the next big push. Risk management for a nice long swing trade should hold well. GLIYF
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