I thought I would write a short post with a chart to show the trade I made on Friday, which was scratched for +4 ticks, and how the responsive buyers kept the price up during European morning session. I shorted Bund when it revisited previous high, and Footprint showed responsive sellers came into the picture. The trade was scratched when buyers again kicked in and holding the price above VWAP.
Here is the chart
Here is the 4-hour chart of AUDUSD. Just like last week, everybody was watching/talking about the daily pin bar, now we are presented with a obvious Head and Shoulder formation� in H4 chart.� I like the fact that 1.04 support is now broken, I am looking at further downside.
Here is the …. CHART.
[tab: Asia Morning]
$AUDUSD is in the middle of nowhere before this afternoon’s rate announcement.
$USDJPY
[tab: End of Tokyo session]
The rate announcement (unchanged) brought $AUDUSD down to 1.035ish. If the breakout of the penant is to be trusted, the measured down move will bring us to around 1.02ish area.
There’s no too much changes in $USDJPY, the initial breakdown during Tokyo open was not followed through. Instead, price is creeping up the whole Asian session, we are now back to around Asia opening price.
[tab: Asian Morning]
$AUDUSD tested the back of the pivot downtrend line twice yesterday. I am still looking at near 1.04 as next potential target.
[tab: London Morning]
$AUDUSD touched resistance level at the same time , the disappointing China PMI figure triggered heavy sell off of the pair. In the hindsight, the chart movement was just classical, text book. Also, if you look at Daily, 1.0350ish zone will provide some sorts of support (however, this is not a BUY to me)
Here is the … CHART!
As mentioned in my twitter, I was busy with non trading matters and missed out all the profitable entries of AUD/USD, NZD/USD, AUD/JPY and EUR/JPY. It was supposed to be another multiple Rs-day, but well, sometimes, you can’t have it all in life.
Look at the Aussie dollar, we are back to 0.88 again. The currency trend is stronger and longer than I’d expected. Lovely.
I might not be available for trading again on Friday. I thought I might as well close the trading month now. I will do a monthly review over the weekend.
What a day for EUR/JPY. It has been going up for 8 hours continuously. There were times that I felt ‘It is enough, it is going to pull back’ , but no. It just kept moving up. I decided to close my Long position with +5.78 R profit. I traded AUD/USD as well, stopped with -0.85 R.
End the day with +4.93 R. EUR/JPY should continue moving up during U.S session, I guess. But, it is 1:15am in Melbourne, Australia, I decide to close my day trade position and rest. I can’t complain too much with a day like this 🙂
Here is the chart of EUR/JPY. I really have no idea what is moving the market.
[photopress:EURJPYdaytrade.JPG,full,alignleft]
