Long View

[zekelogan]

Entry: .9008 (~1 week ago)

Stop: .9009

NFP will make or break!

[zekelogan]

NFP Trading Plan

If AUDUSD...

a) Crashes through the stop, sit on hands for cue on next direction.

b) Hits stop and stalls, look to re enter on signs of strength.

c) Rallies, then falls, keep stop at breakeven

d) Rallies, and holds, move stop to .9100 (~+100 pips)

[zekelogan]

Stop moved to .9142

Current support areas: .9260, .9200

[Jason Rogers]

AUD/USD pushing up against resistance. Are you thinking a breakout above the 93 level?

[zekelogan]

That would be ideal.

I'm carefully trailing my stop.

Moved it today to .9162

[lijiang7]

Im long AUDUSD from 9160. Hoping to see the Aussie explode up to .94 or .95 very soon.

Any feedback? Opinions?

[zekelogan]

Looks like you may see .94 today...

I'm targeting just shy of .98

Stop's currently at .92, but I'm seriously contemplating moving it just below the recent short term support @ .9250

[Jason Rogers]

Im long AUDUSD from 9160. Hoping to see the Aussie explode up to .94 or .95 very soon.

Any feedback? Opinions?

Agree with Zeke on this one, .94 is just a matter of time. The stock market is helping to push AUD/USD higher along with commodities going higher. Gold up $17 today.

Bernanke's speech at 12:15 should be important.

[Jason Rogers]

Agree with Zeke on this one, .94 is just a matter of time. The stock market is helping to push AUD/USD higher along with commodities going higher. Gold up $17 today.

Bernanke's speech at 12:15 should be important.

Quite a move during the Bernanke speech. The market did a good job of knocking out the late comers with tight stops to the AUD/USD long position. Market looks primed to move higher.

[zekelogan]

I agree. Like you noticed, most steep drops over the last two weeks get bid up almost immediately after. Makes me wish I had the 'sand' to buy more dips! Playing it safe for now... Here's my 2 cents from my blog just now...

Monday, November 16, 2009

Tough Call

"...today was a good day." - Ice Cube


While it's tempting after today's gains to slide the stop up a tad, I've decided against it. We tapped a high at .9405. Since then price action has held stable, but looks as though it may test the range we just broke out of again. Keeping the stop ~150 pips below current ranges has worked for two weeks, while over-tightening would have booted us a few times over.

On the daily charts, the most recent swing low is still .9200 . There was a brief pullback since then in which .9260 held, but the correction was sideways and not the more healthy "two steps forward, one step back." While seemingly bullish, we could retest this range to shake out the "weak" longs. If it is, in fact, bullish then there's nothing to worry about. If it turns out to be a true loss of momentum then we're stopped out at a moderate 2:1 R/R ratio.