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

Having same setup. All the best.

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

Looking at the weekly chart = a strong reversal formation.
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.

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.

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

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.

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

I concur…but I also like to vote before the week…to see where my thoughts were…then maybe an end of week winner that bagged the most pips…

I concur…but I also like to vote before the week…to see where my thoughts were…then maybe an end of week winner that bagged the most pips…I’m also short on this pair…at least until it drops to 1.0400 levels…then I can see it possibly following the ascending channel…gluck everyone!

i am also voting for short AUD/USD the target should be around 1.0150

looking at what cardar posted with the double bottom, it would seem as if the support is more likely to hold. i will have to retract my previous statement about a reversal for now. i guess we shall see soon enough.

the head and shoulders setup is much stronger than the double bottom on the 4h chart

Im a newbie and id like it too if they would post the winner of trade of the week at the end of the week. How do we get this changed?

Well the ascending trend line is toast and now resistance. With the last 4 hour close @ 1.0391, the winner trade turned into a loser.

feel bad for the ppl that went long.