Archive for the ‘Market outlook’ Category

Giving one more shot for short AUDUSD

Update (8am, June 28) This plan has been canceled before execution

To summarize the last AUDUSD trade, it was a great entry point and total miss of the exit point, ended as a break-even trade.

Seeing that 1.02267 resistance (.1) is intact, I am thinking to give one more shot of being short AUDUSD. The descent from 1.02244 (.4) to 0.9965 you can see in hourly chart can clearly be counted as an impulse. So, I will sell some AUDUSD when 0.9965 breaks down.

Still holding AUDUSD short positions

So far so good. I am actually thinking to increase the position once it goes lower than 0.9686 (.3)

AUDUSD: I will sell if 1.0222 breaks down

I think it was a good decision to close AUDUSD short position. Soon after I closed the position, it bottomed, and now I see a clear rebound of .2 wave on the daily chart:

On 3 hours chart, I can see C wave now is about the length of A within .2 wave. .2 may be ending soon if my view that AUDUSD is still in IV wave is correct.

I will sell AUDUSD if 1.0222 breaks down.