Trading -AUD/USD

Quote from xelite777:


Legendary trader Jesse Livermore once said : "It was never my thinking that made the big money for me, it always was my sitting".

Meaning, no position is also a position.
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Or holding to a winning position is trading nonstop.
 
Quote from tradingjournals:

USD/JPY up, but first sellers could show up at around 100.55. So only 20 pips distance. So it could make a headfake --- up to turn down like what EUR/USD did last night.
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Look at these deadly "get the hell out" shooting stars candlesticks at resistance level on the 30 min chart (USD/JPY), they are usually bad news for buyers.

I am not saying you should close your long position and/or go short, I just want you to be aware of the situation.

usd_jpy_30min.png
 
Quote from ramora:

How do you get ready, are you going to wait for the decision or have you already picked a long/short position? Or will you countertrade the decision?

It looks like USDJPY, EURJPY and GBPJPY are a little overbought on a 1 hour chart, would you agree?

Thanks for the heads up, will be watching!!
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I am surprised you have put EUR/JPY in the overbought. It is now at 134.75. Did you look at the down side? For me it looks weak on long side, and I would be more inclined for down side or range. This is not a recommendation, but only a superficial analysis/opinion/entertainment/etc.
 
Quote from tradingjournals:

By that post, I meant there is limited reward at best, and it could head down. It could be a sign of strength for Yen.
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That is true, the next resistance for the USD/JPY is 20 pips higher, so the upside potential is somehow limited, at least on the shorter time frames.
 
Quote from tradingjournals:

I am surprised you have put EUR/JPY in the overbought. It is now at 134.75. Did you look at the down side? For me it looks weak on long side, and I would be more inclined for down side or range. This is not a recommendation, but only a superficial analysis/opinion/entertainment/etc.
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I was looking at the daily chart which looked overbought after making new high at 136.00.....

I am looking to see if it can get over 135 again, if not looking to sell...

Thank you for the input.
 
Quote from ramora:

I was looking at the daily chart which looked overbought after making new high at 136.00.....

I am looking to see if it can get over 135 again, if not looking to sell...

Thank you for the input.
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With exception of area of resistance, I agree with you view. Resistance: instead of 135, I have range 135.35 to 135.60. The less entry in that area, the better for a possible rejection of price. A cleaner entry would be if there is a confirmation of rejection/reversal if any. If you have tools to time a top, then you can make a surgical entry.
 
Quote from tradingjournals:

With exception of area of resistance, I agree with you view. Resistance: instead of 135, I have range 135.35 to 135.60. The less entry in that area, the better for a possible rejection of price. A cleaner entry would be if there is a confirmation of rejection/reversal if any. If you have tools to time a top, then you can make a surgical entry.
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EUR/JPY @ 135.29. If I were to trade it, I would make first entry here.
 
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