The apprentice's Journal.

[AspiringTrader.]

AUD/USD chart, how it happened. (+35 on half a position, other half stopped out BE)

 

[AspiringTrader.]

AUD rallies 100pts off descending channel support after dovish FOMC mintues, echoing Locharts views and now breaking the 1.0528 resistance lvl.

Unfortunately i was in bed when it was released at 4am my time.

Just have to see wait and see how it unfolds now.

 

[AspiringTrader.]

Aussie falling back below 1.0530 lvl on low china PMI data after initially closing above 1.0530.

Will be watching this closely, if it fails to trade over 1.0530 in the London/US session, I'll be considering short setup.

 

[AspiringTrader.]

Short Aussie @ 1.0486 (trading below1.0500 lvl)

Soft target 1.0450 and 1.0410 in extension

EDIT ** Stop 1.0510

 

[AspiringTrader.]

Interesting to see what will happen with the USD intial jobless claims out in a couple hours, see what happens from there.

 

[AspiringTrader.]

From DailyFX "Australian Resources Minister Martin Ferguson says "You've got to understand, the resources boom is over."

 

[AspiringTrader.]

Considering moving to BE, I'm 12 pts off my first target and Initial Jobless Claims rose 4k. I know it's kinda not much but i planned on moving BE on first target anyway, so I'll see how it plays out over the next hour and if it moves against me with some momentum I'll probably move to BE and probably look for re-entry.

courtesy of DailyFX

" US INITIAL JOBLESS CLAIMS ROSE TO 372K LAST WEEK VS. 365K EXPECTED. PRIOR REVISED TO 368K FROM 366K.

FED'S BULLARD: Wouldn't be concerned unless initial jobless claims rise to 400,000.

FED'S BULLARD: 'I wouldn't take a decision right now' on easing. "

 

[AspiringTrader.]

Update: Moved to BE, really starting to struggle to break a 61.8 fib retracement lvl on the M15 plus soft support lies at 1.0450, ten or so points below current price.

Just not worth losing pips on this one now, with a possible bounce likely ahead.

Currently up 23pts at the time of writing this.

Have to sleep now, so I'll probably miss any re-entry opportunities if i get stopped BE, assuming they would present themselves anyway!

 

[puppetmaster]

Hi. just skimming through on a quiet day...
Good work on the journal, it can only help.
Just a thought though, in the audusd charts you've put up...there's an ascending trendline that has propped up the price since about May that you really need on your chart. You should really have that channel on there too to give a fuller picture unless you're not taking them into account.
Asi said, i've just skimmed so if you've already covered this somewhere else, forgive me.
good luck.

 

[AspiringTrader.]

Hi. just skimming through on a quiet day...
Good work on the journal, it can only help.
Just a thought though, in the audusd charts you've put up...there's an ascending trendline that has propped up the price since about May that you really need on your chart. You should really have that channel on there too to give a fuller picture unless you're not taking them into account.
Asi said, i've just skimmed so if you've already covered this somewhere else, forgive me.
good luck.

Thanks puppetmaster.

I know the channel on the daily, it's(in my opinion) been capped at the high of 1.0614 for now and actually turning into a descinding channel in a much larger play on the weekly. Plus i'm pretty much just posting charts of my entries and exits so i'm not cluttering the thread up.

But i might consider it in the future.

Cheers puppetmaster,
AT.

 

[AspiringTrader.]

Update:

Stopped BE by about 1 point after a small correction, then it moved back lower.. charts later


**EDIT**

Added chart.

Just stopped out BE after corrective bounce off of my soft target. Unfortunate, but it happens! Now testing my original target of 1.0410

Will be looking for another corrective bounce off 1.0410, and hope to sell into resistance @ 1.0450. Until then, I'm once again sitting on my hands.

 

[AspiringTrader.]

Wow! Aud/Usd really coming off right now 1.0380.!

 

[AspiringTrader.]

Since the Aud/Usd just broke two month lows, I'll revise my entry to 1.0410.

It's found some support at the 1.0380 lvl on the daily and also previous channel resistance on the hourly.

I'll put a cheeky sell order @ 1.0410, with a stop at @ 1.0560

Chart later

 

[AspiringTrader.]

Charts

 

[AspiringTrader.]

Update:

charts.

My sell order was hit @ 1.0410.

hope I wasn't getting too ambitious on this one, no doubt that'll be the case though. Anyway, still will look for re-entry if i get stopped.

charts

 

[AspiringTrader.]

This will be interesting, has the potential to stop me out.
" HEADS UP: In one hour, the Fed's Evans will speak in Hong Kong, traders will be looking for hints of QE3. "

Update: My Aud/Usd short position is up +22pts at the time of writing this
Revised my stop to 1.0430, seems a bit more reasonable.

 

[AspiringTrader.]

Update: Set profit target at 1.0345

 

[AspiringTrader.]

Update: Take profit order missed by one point while i was at work... very frustrating to say the least. But once again.. it happens. Just going to see how it plays out now as it bounced 20 or so points of a previous H1 descending channel that's now providing support.

My entry @ 10410 will look to serve as a resistance lvl, so I'll still be holding my stop at the 1.0430 mark for now.

 

[AspiringTrader.]

Udpade: Closed out for +35 pts. Hourly candles are still rejecting the previous channel resistance turned support, so i decided to take some profit.
I'm still really disappointed i missed out on another 30pts though missing my take profit order by one point, but not to worry, i'll be looking fo re-entry maybe around the 1.0410 lvl if anything bearish appears.

 

[AspiringTrader.]

Could i be back in short aussie already??

" CHINA ECON: Leading Economic Index fell to 98.75 in Jul, lowest since Jan'09. June reading revised lower to 99.19 from 99.28. "

Price was unable to close above 1.0380 and is peeling off again..