Hi everyone. today was great though I missed out of major trades. but I just had a double bottom in my AUD/USD stochastic, while a double top in my stochastic for GBP/AUD. it matches forextime analysist’s chart for a reversal. think its time to take the bet?
Do the fundamentals line up for a an Aussie long or pound short? If you think so, then I say go for it! Just be careful of the correlation though, in case you take both trades, since that doubles your AUD long position. Also, careful of AUD/USD ahead of the NFP release!
Did you enter the GBP/AUD? I entered (2 trades) here and theyre currently flying.
Im also short AUD/USD but with a tight SL set in profit in case it whipsaws later
I’ve just closed a USD/AUD short because I didn’t want to hold on NFP day. I’m going to re evaluate after the figure come out. I might miss a good move, but I might also have avoided being stopped out by a huge whipsaw.
yes technically you have a strong point to trade on AUD but also consider fundamentals too. most of the investors are having their eye on US non farm payroll data which is to be released by today i.e Friday. a strong employment data will boost USD. And talking about GBP, i find GBP stronger than AUD despite of weaker UK economic data, but if you find strong fundamentals against AUD. i would recommend to put trade. And with this current volatility in the global markets try to find the best price. best of luck.
That must have invalidated the double bottom. I did the right thing getting out, as even though I was the right side I would have been stopped out by the immediate spike up
thanks guys. the Aussie short down and the GBP/AUD logged me out on SL. sad because I actually got some pips, but due to network challenge in my country I couldn’t use trailing stop to lock in my pips. this week is another week sha.