[TW] 08-20-2012 Long AUD/USD by monstapips

[monstapips]

AUD/USD: Daily



Long or Short: Long
Entry Point: 1.0400
Stop Loss: 1.0300
Profit Target/s: 1.0600
Reward-to-risk Ratio: 2 to 1
Risk percentage: 1%
Trade rationale: Will buy on Monday if price fails to clsoe below the falling trend line.

[Bijoymj]

Having same setup. All the best.

[Biswasgroup]

I also think so because it can touch the most low lebel.

[KillerWhale]

Looking at the weekly chart = a strong reversal formation.
I am SHORT AUD/USD AND STAY SHORT.
The trend line won't hold it.

Also I feel a few losing days coming in the stock market: RISK OFF

[hhn2002]

Looking at the weekly chart = a strong reversal formation.
I am SHORT AUD/USD AND STAY SHORT.
The trend line won't hold it.

Also I feel a few losing days coming in the stock market: RISK OFF

i completely agree with killerwhale. very little doubt about the long-term reversal.

addition: also although it has yet to break through support, at the very least it is certainly clear its broken its pattern which to me means the market is wanting to work out a new trend. to be certain of a continuation is iffy at best.

[Bijoymj]

The evening star formation in the weekly chart indicates a reversal. But we have to wait for a strong break out of the trend line.

[Sportsitjunkie]

I guess we will find out shortly, I am also going short.

[KillerWhale]

It was obvious that this trade could not be a winner.

Some candle formations are VERY RELIABLE, a reversal in AUD/USD on the weekly chart was one of those formations.
It is just too bad that even after I posted a warning that this was not going to work, people kept voting for this trade opportunity.
I've said it in an earlier post, most people lose in FX, so of course most people will vote for a losing trade.

As of this moment, my own proposal going long USD/CAD was definitely a winner and I already collected big time @ 0.9940

Maybe babypips should reconsider this idea of "trade of the week" and wait till the end of the week before calling a winner.

I think it is a shame for babypips to reward losing trades with a championship just because it got the most votes.

[KillerWhale]

It was obvious that this trade could not be a winner.

Some candle formations are VERY RELIABLE, a reversal in AUD/USD on the weekly chart was one of those formations.
It is just too bad that even after I posted a warning that this was not going to work, people kept voting for this trade opportunity.
I've said it in an earlier post, most people lose in FX, so of course most people will vote for a losing trade.

As of this moment, my own proposal going long USD/CAD was definitely a winner and I already collected big time @ 0.9940

Maybe babypips should reconsider this idea of "trade of the week" and wait till the end of the week before calling a winner.

I think it is a shame for babypips to reward losing trades with a championship just because it got the most votes.

The big problem is that people who don't have a clue where it is going follow the champion and thus have a good chance of losing big time on their trade.

Please babypips, reconsider this idea of "trade of the week" and post the winner AFTER the week is gone, and reward the real winner so we get a sense of which posters come with really seriously good ideas..

It will definitely save a lot of pain for new traders, and they actually might learn something.

[DRA]

4hr chart showing a double bottom at the daily trendline. Nice long setup here if the present 4H candle close as a pin bar.