Still waiting :(

AUSSIE is really in new territory at the moment. Still not safe for re-entry. I would now wait till after Easter to find some support for a long re-entry. Possibly around 1.0600 could be a nice support, but let price action be your guide.

Happy trading.

Break out trade post Euro rate increase

Good morning traders. Well as we can all see it looks like nothing is going to stop the Aussie. As a result no short positions are recommended, even for small scalps. Currently as spoke of before I am still running my little trend scalping bot on this pair, at least until it retraces to some good support. There we can then evaluate if a substantial long position can be taken.

With the predicted euro rate increase last night, there was a pretty good break out trade waiting in the Asian session for all to have. I picked up +50 pips on this trade.

Gbp might be worth looking at in the London session for another break out trade. Watch your price action.

1.0500 within sight

Another big jump with the aussie last night...wow.

We will stand aside now until we get a pullback to 1.0200, as long as price action is still bid, we will be looking to get long in that area.

RBA stays at 4.75%

As predicted the RBA stayed on 4.75% with no rate raises coming in the near future. From what I understand there will only be one more rate increase this year. Good news for all of us paying a mortgage in Australia.

As for my positions, I am still short from both 1.04 and 1.035...looking to hold both to 1.0200.

wow....1.0500 here we come??

Can nothing stop this pair (AUDUSD)! She is making short work of the dollar. As stated previously I am now short with 2 positions. One at 1.0350 and one at 1.0400 with an average position of 1.0375....at the moment of this post I am in profit at about 20 pips.

I am hoping to hold this trade down to 1.0200, where I will then take profit for my shorts, and then look to get long again on the Aussie.

Watch out for the rate announcement tomorrow. My prediction is that rates will stay the same, or will be reduced by .25 percent. Lets wait and see.

Happy trading.

My Chart setups

I often get emails and advice on chart setups. First of all, I never use any charts under 5 minutes. Stay away especially from 1 minute charts. 1 minute charts just are too busy with price action all over the place. I am a short to medium day trader. I use 5 and 15 minutes for all intraday trading, I use the longer time frames to determine trend.

The main chart I use is the below chart, which I have set up with different oscillators and dynamic support and resistance indicators, as well as different moving averages.

My secondary charts are just as important, but only use them on the 5 minute time frame. It is a set up I came across on Forex Factory one day, and have had such good results with it that I have used it as my primary trigger. I will go into how it works another time.

With this setup, I had a great trade short on the EURJPY at 118.60 to 118.40 for a quick +20 pips.

What effect will the NFP have on the Aussie Train

Good morning everyone. As predicted the Aussie climbed to more dizzy heights yesterday, coming within 30 pips of the 1.0400 level. I got short at my first short level at 1.0350, and am currently in profit at about 30 pips. I am looking for the AUDUSD to test the 1.0400 area again before retracing all the way back to 1.0200. In any case if it hits 1.0400 I will be taking another short, or if it hits 1.0200 then I will unload the trade I am currently short with.

Tonights NFP will be interesting on the aussie, the adp had little effect in stopping its strong bid trend. Tonights forecast is for 191K more NFP jobs, if this number increases it will be interesting to see if it will be able to stop the Aussie. At the moment it looks like it is taking on all obstables.

Main news this morning to watch will be the China PMI which is at 0900 hrs Perth time. Because of the close trade relations between China and Australia this news can sometime have an effect.