price has now corrected starting to look good for going long 96 00 area
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price has now corrected starting to look good for going long 96 00 area
hey peat , key level for aud at moment, technically a close below 2008 up trendline but
needs confirmation.
i was shaping up for a long but my feeling is the aussie is going to break to the downside
which should give some good pips, may bounce of here but i'm starting to see dollar bullish
signs across the majors. which may mean 98 was the top looks like a terminal wedge
pattern
any thoughts
agree that its a key level... on the daily its done a 78% retracement of the last leg up so that the gartley trade would be to buy with @ 9565 with stop at 9470 target 9710 ...so thats risk 95 for 145 gain... not that I'm doing that trade but its the way I see it. and of course if it broke 9470 that would be a failed gartely and turn into a bearish scenario
on the weekly tho the trend line could be a bit lower than you suggest?
using Netdania for the weekly and it sets the lines of the lows precisely.
i suppose it can be a subjective issue , personally i would draw the trendline on the
monthly slightly higher to have an overshoot and catch the recent action but it leads
to a greater chance of a false break .
your trendline is more conservative
ha ha peat conservative ??
im watching gartley
thanks peat appreciate it
Hi All
have a tentative long on this one,as hrly is bouncing off.9285
long at .9327 with a stop below .9300
HI Roddy
Yes certainly worth watching for the turnaround / reversal pattern
to appear
rgds - arco
hey people, first post. Certainly don't like calling those bottoms especially on a down trend like this one.....
Welcome speres
Idea is don't try to catch the falling knife - just wait for
a confirming reversal before committing.
rgds - arco
Hi Speres,
welcome and i will look forward to your posts!
roddy
Arco, couldnt agree more.
Hopefully I can add some value Roddy.