This thread is awfully quiet nowadays. Looks like I am the only one out there who likes to trade this pair!!

Have placed a order

buy @ 195.40, sl 194.80, tp @ open (am thinking 196.65, but if it breaks will try and ride it as high as it can go! )

so do u concentrate on a couple of pairs or is this one just one of the popular ones. i have one trade at the the moment.. short on aus usd at 77.00 sl at 77.45 and tp at 75

Good trade on the aussie, aussie!

I monitor all the majors in addition to GBPJPY and EURJPY. I like GBPJPY as it can trend well, (have a look at the dailies). I guess its my fav pair.

My order was filled overnight long @ 195.40, moved sl, to 195.40. It clearly breaked 196.65 and now is heading for 197.50+

urs looks like a good trade.. do u trade full time. i looked at the aussie as i get a feel for whats going on in my country.. im a trademan so i get an early feel for whats going on in housing and major projects.. also have aa mate in the mining industry which the aus depends on for gdp..

do u think the aus is going down further than support of 75 ..
long term i think it has to for the good of aus economy

If you take a look at the weekly chart, the AUD is in a uptrend.
Your target of 75 is viable. If it breaks 0.75 or the 0.7475 low,(trendline support on the weekly) could be very bearish and fall towards 0.6850 long term.

The indicator I use, slow stoch, is in oversold mode and looking for a rebound. Whats is also concerning is if you take a look at all the majors on the weekly chart, they are oversold, so if there will be a rally, it could be sharp and fast. Once US stop raising interest rates (or send a signal, hte replacement of greenie) then this could be the time the AUD and other majors will gain ground. Also Fx moves in cycles, as you are aware this had been the downward cycle. My advise to you would be to ensure you trail it with a tight stop.

I am targeting 200 on a break of 197.50/198.00on GBPJPY. It has had a great day reversal from the current trend. It based a couple of days and bounced and broke critical resistance, 196.65 and is closing above it! I will buy more on a break of 197.50/198.00.
I trade full time.

Goldfinger.

Longs from 195.40 closed @ 198.05, +265 pips. Will look for a dip to re-establish longs. Currently o/b.

hey nice trade.. u are right about the pair trending well.. seems like it gets into a nice trend.
can i ask how u set up ur trades.. how long is long term for u.. just trying to get ideas of making some regular income from forex for myself.. would like to go full time one day..
do u use a system that does auto trades for u or u totally manual from urself.. still short on the aussie.. looks ok at 100 pip profit at the moment.. see how we go at the 75 resistence mark as i might get out and watch it break if it does..

Hi Aussie,

Long term – Months

Medium Term – 2 – 6 weeks

Short term – hrs - days

Monitor the 8hr, 4hr, 1hr, 15mins timeframes.(Always check the weekly and spend Sundays planning my trades and strategies for the following week)

Chart set up is the 62EMA

Slow stochs 14,3,3

8 screens and expanding…easier when everything is visual, without switching etc.

Update support/resistance and fib levels every day.

Use pivot points only when data is released, they seem to work only then for me!

Look out for chart patterns

The only automation is when the slow stochs is overbought/oversold, my system will scream oversold/overbought, with a siren.

When support/resistance/fib levels are broken it will sound alert me (different sound for each)

When my orders, stops and profits are filled it will alert me with a certain sound.

I have speakers around the house so when I am away from the desk, through the different sounds I know what is happening.

PDA with e-signal, with all the above set up, with all the bells and whistles (support/resistance, fib levels) so I do not have to be at home full time.

I do not believe in system automation or so called robotic systems etc. It is a market con. No system can be fully automated. A automated system lacks emotion and cannot react to choppy trading, news etc. I know there are many out there that would argue else. All successful traders I have met are manual.

I try and apply technical and fundamental analysis to time * price on the pairs I trade. It is manual apart from the bells and whistles noted above. I’m a true believer in KISS (Keep It Simple Stupid). There is no special indicator or algorithm formula.

I trade break outs (Bollinger, support/resistance, fibs) and when there is a strong trend and indicators are ignored then revert to chart patterns. Trade the trend. Always place stops. I apply different strategies. The 62Ema is a good support/resistance and use it for entry/exit, especially when it sits on a support/resistance and fib level.

I like to avoid risk on my trades therefore if it runs into profit, immediately place a stop at my entry level (or reduce the risk in bringing the stop forward) I have found if you are patient and the set up is good you can easily pick up 100+ pips

First and foremost you must generate a trading plan which suits your lifestyle, execute it successfully (Like your AUD trade). Then analyze and expand on the plan until it meets your objectives/goals. Set yourself up with rewards once you reach your goals. Always stick with your plan. Once you can control discipline and greed then the rest will fall in place over time with practice.

Trade with real money, a mini account, money which you can afford to loose. Every newbie trader including myself blows up a couple of accounts, but trading for real is better than demo. This is the onlt way you will learn, from your mistakes.Demo is good for testing your systems/ strategy. Make sure you know your trading plan and system/strategy inside out. It is also good if you are accountable to someone like your spouse/friend/father so forth, someone who you can trust and is supportive of you trading. This will keep you on track and avoid overtrading etc. You need to set how much you want to make in pip wise or money wise, weekly/monthly etc. Keep a journal of your trades. Of all the bad trades keep a record as to what went wrong, print them out and put it above your desk so that you are always reminded and do not do that mistake again, eg no stop loss on trade and lost -100 pips $x amount.


Hope the above helps,
Goldfinger.

very interesting post goldfinger! I have always enjoyed reading your posts as they are always well informed and helpful.

I have begun trading the guppy and euppy pairs for the last few months and i would like to discuss a few things over email with you, i have developed a set of indicators that i have found useful and i would really appreciate your input. my email is:
john (at) itechresources.com

thanks!
John

goldfinger

jsut to say a very big thankyou for taking the time out of ur day to reply in such detail to my questions for you.. a very big help and shed some light on some trades that i thought were good but may not be.. time will tell..

still live on the aussie but have shortened my stop as im in profit now.

people like you make this a good forum,,

cheers for the week ahead aussie in london

Order: Buy @ 197.10, sl, 196.60, tp @ 200.00

If the above does not get filled have another order to buy on a break of 198.15, sl @ 197.65 tp @ 200.00.

Looks as though its basing, before the next move up.

My order got filled:

Long @ 198.15, sl, 197.65, tp @ 200 +

There will be gap filling towards 199.04, it may reach there today.

excellent call goldfinger!

i am short from 199.20, s/l 199.50, target 198.00

when spot reaches 198.50, i will move stop lost to 199.00 to protect profit in case of swing upwards

on this chart, we were withing this range for 2 weeks in the beginning of april, i will buy again at 198.00

any comments would be appreciated

Attached Images

 

Great trade, I agree it is overbought on the 4hr and 1hr and could easily retrace towards 198.00. (That is why I have still left my stop at 197.65, its a wild beast!) As long as you trail it with your stop as above, you should be fine

shorts cleared at 198.50, +70 pips

it may still have room to the downside, but since we are in uptrend i would rather go long at the bottom then hold onto a short hoping for a few more pips

*edit: entry long at 198.00, s/l 197.50, tp 199.00. playin the range but would much rather be long than short right now