good morning traders ,, i m here to explain some guide lines for the current trade ,, what happened yesterday ,, i alerted everyone of possible position update but i didnt take any action rather than moving the Hedge stop to break event ,, i was watching and expecting the AUD to test the resistance zone between 8450-8570 and at the same time to find the S&P 500 testing the resistance area shown on the chart between 1107-1122 and try to search for the proper wave ending signal there to close the hedge and add short and let the trade work ,, but ,, i found the AUD/USD tanking higher and breaking to new highs from yesterdays high , while the s&p was hardly moving and consoildating at the 1090 line , awaye from my resistance zone and not showing a sign of toping , so althought the AUD sounded like a good short at this levels but due to the high CORRELATION between the Rish and specially the AUD and the stock market ,, i cant call an AUD top without seeing the same signal from the S&P 500
i m expecting more move up on the s&p 500 tomorrow to get into the resistance zone on the chart that it closed so shy from it , then i ll be looking to find the AUD /USD on the same resistance zone shown on the chart or maybe lower to confirm a GOOD SHORTING SETUP , what we have to do in every trade is be patient and make the best analysis and setup and then let it work , if it goes in the different direction then we should try to minimize the lose .
i m seeing a turn in the AUD/USD that i m watching very closely and observing the waves to see if its impulsive down or it would try another wave up to match the s&p 500 before down ,,, a scenario i m considering is that the move down in the AUD/USD is the start of wave 5 down and it ll try to correct up a little without making a new high when the s&p 500 try to find a top at the resistance zone and then they will go down together , in other words , it might be an early signal from the AUD FOR TOMORROWS ACTION
ANYWAYS ,, PLEASE TAKE TIME TO READ ALL MY WRITTEN ANALYSIS AND NOT ONLY LOOK AT THE CHARTS ,, CAUSE I READ IN A COMMENT THAT SOMEONE TOOK SHORT AT 8450 REGARDLESS MY COMMENT ON THE CHART THAT I LL WATCH THE PRICE ACTION ASIDE WITH THE EQUITY MARKET TO DECIDE IF THIS CHART WILL WORK OUT AS THE BEST SHORT OR THE OTHER LEVEL SHOWN AT THE ORIGNIAL TRADE CHART , SO PLEASE TAKE TIME TO READ THE ANALYSIS ,, IT LL DEVELOPE UR ANALYSIS SKILLS AND KNOWLEDGE BY TIME
last thing , i wont answer any questions or reply on any comment from anyone who didnt register to follow the blog
but i welcome any comment from the followers and i never leave a comment with no reply
love to share a side talk with u guys
Hey mate. Might we see this trade go over the weekend and into next week. Cheers.
ReplyDeleteGood Morning, Can you give us an update on the CadJpy trade as well. It seems to be stuck currently at the Daily 200Sma 86.90 and threatens to go higher. Im just concerned that once this level is broken it could go much higher. Regards, Cornel Visser.
ReplyDeletewelll , king the market will tell , we r nearing the big resistance at 8560-86 level , lets see if we can take our trade from there and the invalidation will be very close to our position at 87 so it ll limit the loss just in case it didnt go our way
ReplyDeleteHi Jesus does it not look like a good time to short aud/usd now?
ReplyDeleteit do centa ,, but ,,, the s&p not giving me this sign yet ,, we shorted first half already and i dont wanna take my chances with the second half of position unless i m sure ,, so i might not try to catch the top as much as catch the right sign
ReplyDeleteand today is friday and the last day of the month ,, so things cant be very convencing ,, ,
ReplyDelete