Happy Corner: Aussie (AUD) pairs

[highspeculation]

I saw a 4 hr chart that Happy had put up with the price currently at the top of a upward trending channel. That suggests it's time to sell but something I noted was the topping out process where small trading ranges develop at the top of each cycle. I've got them highlighted in little squares in the above 5 hr chart.

I think it's something to note.

[wuquitheturtle]

Hi Happy,
I didn't set short order. (if I had set at 1.0420 I would've bagged some pips ).
Now, I'm planning to long. just wait to see how far the price will retrace. ( I spotted another Elliott Wave in 1 hour chart) what's your plan on aud/usd pair?

[happypip]

That AUD/USD 4-hour channel that we've been watching for the past few days is still holdin' like a boss and the pair is currently crawling towards the bottom. There's also a nice bullish divergence on the pair since stochastic made lower lows. Does this mean that the channel support will hold?



As always, I'd love to hear what you think of this setup I'm looking at!

[rahulrijhwani]

isn't that a bearish divergence on the the stochastic?

[1sandeepgupta]

isn't that a bearish divergence on the the stochastic?

I am agree.

[Forex Chart]

That AUD/USD 4-hour channel that we've been watching for the past few days is still holdin' like a boss and the pair is currently crawling towards the bottom. There's also a nice bullish divergence on the pair since stochastic made lower lows. Does this mean that the channel support will hold?



As always, I'd love to hear what you think of this setup I'm looking at!

Though both daily & 4h the AUD/USD is running on a rising channel. But present chart (daily) show's that it would difficult to hold that the channel support. Monday price close with large bearish candle and it broke the support (now turned Resistance) at about 1.0325. Next support seen at about 1.0100 area.



However; the present condition of the market i prefer only sell. I will prefer to wait for price action at about 1.0325 or wait for a high probability candle setup.

[bobmaninc]

Nope that is a bullish divergence. With the stochtastic pushing even lower that is signaling price is not done pushing up. Its hidden divergence in the school

Hidden Divergence | Trading Divergences | Learn Forex Trading

[jamessheppard]

The channel also sits on the 50% Fib line from the high (29/02/12) to the low (01/06/2012). On the H1 chart it is showing signs of holding so I am just waiting for a nice bullish H1 candle before I enter this trade.

[jamessheppard]

Looks like I jumped the gun a bit with my entry. Got stopped out overnight with a big spike in price. It is still looking that it may hold still though.

[highspeculation]

In the 4hr chart there is a very strong bullish pin bar forming up. It needs to be confirmed though. The lower support line of the trending channel has held as well.