Hello guys,
As you may have noticed, I have been away from my trading desk during the last few days - I rewarded myself with a long weekend off in London, taking pictures of St. Paul’s Cathedral, the Big Ben and Tower Bridge - while washing it all down with a pint and Guinness and a portion of fish and chips of course!
Having gone back to work though, today Tuesday I spotted a solid setup on EUR/AUD upon a bounce up off a strong level os support in the direction of the up-trend. Upon that bounce I hopped long and my first target was hit within half an hour for +42 pips, where I cashed out half of the position and moved stop to breakeven. From there price formed a triple top and retraced heavily for the rest of the morning, knocking my stop loss out for +0 pips on the second half of the trade and in fact it dropped like a stone for the rest of the day.
As it turned out, I placed my first target rather accurately at the very top of the swing. Nice uh?
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12 March, 7:15 am
Way to go Hector! :) London eye is working her lucky charms on you I guess
Guys, do you see a clear flag formation on the daily AUDUSD? Does it potentially look like a good trade to trade if the channel is broken above the 0.9300 price?
12 March, 11:45 am
Nice come back Hector!
Daniel, i see it. I’m not sure it’s valid since the previous high on Daily is around that level: 0.9400 (07/11/2007).
12 March, 5:26 pm
You are perfectly right Jaime, I hope it breaks this level too ;) Let’s hope for the best
Best of luck!
12 March, 6:06 pm
Regarding AUDUSD.
What about price piercing 100 SMA! also if you draw trend line it breaks it. I think it might have not enough steam. Perhaps better entry point could be 0.94 when it comes back within trend line.
What is your opinion Hector?
13 March, 12:52 pm
Hey Mac - well, the AUDUSD is certainly in bullish mode, having taken out the previous long term resistance from Nov 07. Also, we can spot that clear flag formation Daniel was talking about, which by the way was broken to the upside yesterday with a breakout-pullback-continuation pattern.
However, it’s also true that the last retracement during the first 10 days of March 08 has been a little too deep for my taste and we’ve lost the up-trendline. So basically what we have is a bullish scenario but without a clear support level to back up the move. That makes it a higher risk setup for my taste.
So yeah, bullish overall look but without a key-support level to strenghen the setup.
-HECTOR-