Audusd

[alexwong]

I had previously put up a post (http://fxtradinglog.blogspot.com/2008/09/audusd-forecast-27-sep-08-correction.html) on my blog that I was looking for a correction on the AUDUSD to go long in the short term.

Long term though, I'm looking for a short of the AUDUSD (see this earlier post (http://fxtradinglog.blogspot.com/2008/09/audusd-forecast-26-sep-08.html)).

As of last nights rejection of the $700b bail out bill, markets went alittle crazy I think. If you read the news.... the stock markets certainly did!

So what happened to the AUDUSD? It plunged right through below my entry level, and its holding somewhat (see attached chart). Also, a little hidden divergence also seems to be forming on the 4h chart.

I'm still holding onto my position and keeping my fingers crossed. :rolleyes:

I do have other positions opened too, so AUDUSD isn't my only position. :)

[alexwong]

Prices have proven the wavecount wrong, so have exited the position. Will post more charts when I've the time to go through them again in detail.

Meanwhile, all the best for your trading. Its volatile times!

[alexwong]

Hi Folks... here's another attempt at AUDUSD. haha.

AUDUSD is generally in a free-fall right now, and there are talks that RBA will be cutting rates further. I think beyond rate-cuts, risk appetite also contributes to AUDUSD's movement. With Fed hinting at yet another stimulus package, Wall Street appears to be quite happy and rallied. There is some correlation of equities with carry trades, and AUDUSD appears to have rally alittle over the past week.

With the currencies so volatile, keep your trades small (or comfortable) and manage your risk carefully. I'm looking at the 1H chart now, although I usually look at the 4H and Daily. That's because the moves in the 1H charts are now so large, that I don't think I can stomach the swings in the 4H and Daily charts.

Now, for the 1H charts. It looks like a diagonal is forming right now, and strictly speaking for EWT, the move up should not exceed .7209 and that would invalidate the diagonal. I decided to be alittle more conservative and placed the stop above the previous high, at .7250. Keeping my fingers crossed right now. :) Well, good luck for your trades people!

[alexwong]

AUDUSD has hit 0.6600 my target. 400 over pips over a 2 days. :D

Waiting for next trade now.

Note to self: Patience.....

[szehao]

hey ... that was a nice trade ...
congratulations :cool:

[alexwong]

Thanks Szehao. :)

[Winston]

Thanks for the elliot updates alex! I missed it out the last few days!



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[alexwong]

No problem. :)