Big week on the AUDUSD. Started the week Sunday night with a continued up move from last Friday's NFP. (tradingview.com/v/gSoJcQ7U/) I closed out my long at 9047 which was certainly shy of the top tick of 9085 but it was a technical exit and almost 150 pips from my long entry.
Got short around 9042 as we came out of my sell zone (tradingview.com/v/gBxs1r6D/). Took another short at 8923 which fairly quickly dropped 100+ pips when employment news came out from AU. Took another short entry at my most recent sell signal around 8825 as we made a rise up into the lows to lows 50% retrace marked on this chart. Bears got anxious front ran the sell area.
Although I did take the short I was shaken out. Front run made me nervous and I trailed my stop to break even after the market started to head lower by 10-20 pips. so I did not participate in the most recent sell down into 8760 which was a bit disappointing. Overall an amazing week.
For the week ahead I am expecting AU to retrace up into the weeks POC at 8805 area and possibly retest the 8830 area which is an upper edge of value from the market digesting the monster sell off from the employment news. Both of these situations are great as the give me opportunities to get short again for the final ride down to test the upper edge of the 8600 handle. From there I will be very cautiously bearish and be looking out for the break of shorts and the a big long to set us up back into the 8900 area - but we will have to see where shorts break first. A break above 8845 would have me looking for pullbacks to get long. I will reevaluate when that situation arrives.
You can see the weekly and Fridays POC here on the market profile:
gyazo.com/d02ddd826c4a278b9c41feac4085ea1b.png
Got short around 9042 as we came out of my sell zone (tradingview.com/v/gBxs1r6D/). Took another short at 8923 which fairly quickly dropped 100+ pips when employment news came out from AU. Took another short entry at my most recent sell signal around 8825 as we made a rise up into the lows to lows 50% retrace marked on this chart. Bears got anxious front ran the sell area.
Although I did take the short I was shaken out. Front run made me nervous and I trailed my stop to break even after the market started to head lower by 10-20 pips. so I did not participate in the most recent sell down into 8760 which was a bit disappointing. Overall an amazing week.
For the week ahead I am expecting AU to retrace up into the weeks POC at 8805 area and possibly retest the 8830 area which is an upper edge of value from the market digesting the monster sell off from the employment news. Both of these situations are great as the give me opportunities to get short again for the final ride down to test the upper edge of the 8600 handle. From there I will be very cautiously bearish and be looking out for the break of shorts and the a big long to set us up back into the 8900 area - but we will have to see where shorts break first. A break above 8845 would have me looking for pullbacks to get long. I will reevaluate when that situation arrives.
You can see the weekly and Fridays POC here on the market profile:
gyazo.com/d02ddd826c4a278b9c41feac4085ea1b.png
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.