AUD trading oppty

Quote from contra:

depending on where we are at i might put a buy limit above market for a shot at 0550 on china data


to guys calling trades where are your stops? (except oldtime)

are you guys running similar strategies?

0361 target (weekly open/gap level), im guessing around 0550-0600
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I have a process for taking losses, but it does not involve a hard stop.
 
Quote from oldtime:

I've been short for like the last month, all because I heard some guy on Bloomberg and CNBC make a convincing argument why AUD must go down against USD.

As amatter of fact, my whole position is always based on short AUD/USD.

Oh, there were some bright fleeting moments, and many other posters here on ET gave me encouragement and congratualtions on the big down red days.

But for the most part it has been nothing but one big loss.

And I just got short again today 1.0508

but I thought I had a good fill when I sold at 1.0211

the only thing that kept me alive was, whenever I shorted AUD, I also went long CAD. And I am long CAD at 1.0036, and I just keep working that spread.

Sell more AUD/USD when it moves against me
And sell more USD/CAD when I can get a better price on the spread than I got when I first entered
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The AUD will fold against the USD, it is only a matter of time. Stay encouraged, the fundamentals in this case are essentially irrefutable. Australia is sensitive to global slowdowns, especially China.

China is slowing down. It is not an if, but a when.
 
so I doubled my position at 477 which gives me an average of 492, and I have stop in for 50% at 492

that's a little closer than I like to play it, but that's the best I could do today

so I'm down 3 in the CAD and up about 30 in the AUD (at twice the size)

Ben bailed me out again
 
Quote from oldtime:

so I doubled my position at 477 which gives me an average of 492, and I have stop in for 50% at 492

that's a little closer than I like to play it, but that's the best I could do today

so I'm down 3 in the CAD and up about 30 in the AUD (at twice the size)

Ben bailed me out again
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:)
 
Quote from RCG Trader:

:)
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yes, that was most unfortunate. I got stopped out of one unit at 492, which was my new average after I added to a winner. The computer thinks I broke even, but I know better.

CAD aint doing me much but still it's easing the pain of AUD which is once again my biggest loser.

EUR went down, that was good because I was short, then it went back up which is bad because I'm still short.

The one bright spot has been GBP/USD, I have been in and out of that many times on the long side, and that is keeping the whole thing from being a disaster. Ben bailed me out, Martingale saved me.
 
The aussie ain't a short for a few more months or more... This is a strong rally pattern. Even though there may be a few couple week week pullbacks the aussie really needs a EU crisis in order to go down.

The AUD rose right from the start of the 2003 bull market in equities right up to the end...
 
I am extremely passive. My motto is, "If you wait long enough someone will make up your mind for you."

I very rarely make trading decisions, usually the market makes them for me.

But a while back I was watching Bloomberg and some guy made a very convincing case why AUD must depreciate against USD. Ever since then I have been shourt AUD in spite of what the market has been telling me. The few times I got long I took very small quick profits, because in the back of my mind are these fundamentals.

If I am ever right, it will never even come close to how much I have lost.

Wish I could break this dogged stubborn belief and just get back to my old passive chipper self.

I already did this once in wheat, I don't need to do it again in AUD.
 
I keep averaging in. It cant go any higher.

this will be a position into 2013....
see what happens

blackguard

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system shows 102
then 99

no time frame
 
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