Or picture of AUDUSD before $60 billion budget deficit? 🙂
Well, it is a shouting SHORT….. Keep this chart as record. Not sure about the effect of budget 2009 to the currency. I am not trading the pair for now, but watching closely.
AUDUSD
Coffee thoughts of the day 29-April-2009
I am not going to post charts today. In summary, my Long positions of GBPJPY and USDJPY were slaughtered , Long AUDUSD made it all back with additional profit.Read my twit here.
If you live or visited Melbourne, Australia before, you should know about our most ‘Fabulous’ and ‘efficient’ public transport system. Let’s only talk about Tram here. With a 10 times 2 hour ticket, each trip will cost you $2.90, and without a valid ticket, if caught, a fine of around $120 will be charged.
I am not working for the transportation company, I do not care if they are making profit or loss. However, does it do you any good by not paying for the ticket? Let’s assume you travel from home to office everyday, and what is the Risk reward ratio and accuracy here?
Talking in the trading language, each win will give you $2.9 profit. And each loss will cost you $120. How accurate does your system need to be in order to win the game? You need 100% winning rate. I have prepared the following table.
Why do you even bother to take this trade? I don’t get it. Maybe the feeling of winning (not paying and not being caught) covers the fact that risk reward ratio is not with us. Relate this to your trading, how are you doing? And, whether to pay for the tram ticket or not, it is up to you 🙂
AUDUSD trade 15-April-2009
This is to show you the chart of AUDUSD trade which I mentioned in Twitter yesterday. I would not disagree if you are considering taking some profit off the table. I see 0.73 is a good spot to unload some.
Here is the….CHART!
Update & Happy Easter
A busy week for me. Enough stress and frustrations at my work place. I am trying to keep my head cool, and ignore the nonsense after leaving office. Since I am not in good mental and physical states, I did not make short term trade this week. Instead, I have been watching AUDUSD for 2 weeks. Some of my favourite patterns are back. I would probably trade more next week.
A long Easter weekend. My family is visiting me in Melbourne. It is always great to see them around. But the departure later is always bad. That’s life.
Cold weather starts moving into Melbourne. I am loving it.
Just some quick update.
Happy Easter.
Another look at AUDUSD
After briefly approached 0.71 vicinity, AUDUSD pulls back to 0.69 area. Is that a pull back, or we are again heading back to southern hemisphere? I have no idea. My take is , we have a chance to stay above 0.68 and looking at 0.72-ish level as next target. Play with care, that’s the plan. This is my two-cent worth analysis.
Here is the….CHART! (click to view full chart)
And here is some technical statistics
In addition, let’s have a look at Dollar Index chart.
Both trend score and new charting service are now available for free trial. I use it. I’d recommend you to give it a try. Here is a short video about the charting service.
Is it time now? AUDUSD….
I am always looking at AUDUSD. Partly because I need to manage my USD exposure in my trading account. Anyway, I see AUDUSD trading in a tight range and potentially moving to 0.68-ish level. I am watching. On the other hand, I do not ignore the possibility of breaking down, and back to 0.63…AGAIN.
Here is the …..CHART! (click to view full chart)
Some statistics:
