I took the same long based off the 4 hr as you posted. Hope to see it go to the 1.02 figure then I will break even this week.
Hay Bobmaninc,
you already reach your expect area…did you close your position or adjust your position…
Ok! Ok!! Ok!!! enough for today. I just closed my Long position. Just closed 4hr candle fail to break cross trend line…and for the Friday dont feel more interest to hold the position.
anyway; got 50 pips from this trade. not bad…huh!!!
Happy Weekend!!!
That is a great trade. Congrats.
I will be looking to sell oz tomorrow around 1.0240 area with a 30 pip stop. Targeting 1.0050.
The Aussie has been consolidating into a Ascending channel, forming higher highs and higher lows. Which indicate that an uptrend is in place in this market. price now move up from lower channel. we could see a re-test of upper channel. Though we don’t see any good candle setup to long yet. Its better to wait for a better setup. If long from here my first target would be previous Higher high of the channel.
After breaking above its mid-channel resistance on the 4-hour chart, AUD/USD looks set to test a potential resistance near the 1.0400 handle. Will the pair reach the major psychological handle, or will the overbought Stochastic signal be too much of a temptation for the bears?
Hi Happy,
That 4hr chart sure looks nice. :33:
Hi Happy , I believe I spotted Bearish Three Drive is being formed in 4 hour chart 
We have to sell around 1.0400. What do you think? Is my chart valid?
Hey, congrats! Keep it up 
Looks like a bearish three drive, indeed! From a technical standpoint, it looks like the signals are lining up for a short. I believe the stochastic is also in the overbought region on the 4-hour, adding confirmation for a wave down. It’s just that fundamentals don’t seem to support US dollar strength though, and that’s what I’m a bit worried about.
Did you set your orders for a short at 1.0400?
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.
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?
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!
isn’t that a bearish divergence on the the stochastic?
I am agree.
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.
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
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.
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.