Okay so the USD weakness has constituted towards this retrace on this pair it hit the 0.382 fib and bounced higher , very important to note, yesterday saw the greenback get slammed by the crossed pairs, and @ 13.30 today we see the figs for the final GDP.
With all the volatility on the USD, if it disappoints ...........we will ride the wave higher ( very short term ), until we get to the confirmed strong selling zone which is from 0.77-0.7750
So longer term we are short on this pair but we can grab a few pips on the way up, to a safer confluence zone. IF GDP is impressive then its at the 0.618 fib line now, so selling after the news would be fine as by rights this will act as a good resistance level. Stay alert though.....
* If GDP disappoints entry @ mkt , cash out around the 0.77-0.7750 area
* Entry short @ 0.77-0.7750
* stop loss @ 0.7850 just below the 0.786 fib
* TP @ 0.7660 just above the 0.618 fib line
Happy trading people !!!!!!!!!!!!!!!1
With all the volatility on the USD, if it disappoints ...........we will ride the wave higher ( very short term ), until we get to the confirmed strong selling zone which is from 0.77-0.7750
So longer term we are short on this pair but we can grab a few pips on the way up, to a safer confluence zone. IF GDP is impressive then its at the 0.618 fib line now, so selling after the news would be fine as by rights this will act as a good resistance level. Stay alert though.....
* If GDP disappoints entry @ mkt , cash out around the 0.77-0.7750 area
* Entry short @ 0.77-0.7750
* stop loss @ 0.7850 just below the 0.786 fib
* TP @ 0.7660 just above the 0.618 fib line
Happy trading people !!!!!!!!!!!!!!!1
Trade active
Okay so what did we do...............What we said we would obviously , so post US GDP figs were good we saw it dip and went long @ 0.7660 closed out @ 0.77
Now we have entered half a position @ 0.77 and will add to it @ 0.7750 should it get back there.... right now Copper is up and holding the AUD right now , so just be patient
Stay tuned guys ........
Trade active
Okay guys we are in this @ 0.77 and now 90 pips in profit, expect this to trickle even lower over the next few days, the RBA shocked the MKTS by a less than positive tone ...If AUD trade balance disappoints (ASIA session Thursday )then expect this to head towards the trend line support @ 0.7550-0.7530 levels
stop moved to 0.7650 to lock in 50 pips profits for now
happy trading
Note
Moving the stop loss to 0.7630 as there is a large option expiry on this puppy @ 14.00 today @ 0.77 good luck guys ..............
Note
Entered short again at .7740Happy trading
Remember PPI and CPI over the next 2 days
So could be interesting
Trade closed: stop reached
we had a stop in place as mentioned above at 0.7850 which was hit no harm done next trade
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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.