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If you follow the Wyckoff theory then we are in a possible distribution mode. I have started a position. I will add to it if we break out of the box. I strong move would take it above 71.
Robert
Edit: Employment number is coming out tomorrow. I will have a stop below the current low.
Unemployment rate dropped to 5.9% from 6.2. Nice pop to the upside. If it can make it past the trend line I think the next logical area is somewhere between the 7180 to 7210 area.
Moved my stop above break even. I was too chicken to add to my position on the breakout.
This is related to the "when to exit" conversation. See red circle. So, this morning AUD pulled back. I was so tempted to sell on the pull back. Day trading psychology kicking in!! I finally made up my mind I am not going to exit trades …
Up against the trend line. Will see if the Aussie has enough umph to break out. If I am reading the AD correctly, which I am not sure I am, there appears to be buying going on. Normally the cumulative delta (along the bottom) turns negative at a top.
I see AUD trends well but would like to chat/exchange ideas on timing, reversal, patterns etc
Let me know if people are interested
Looks like AUD pretty much moves at around 3 a.m EST and then reverses around noon or maybe even later.... or thats what i see lately
any traders here who have watched it for quite sometime and can provide insight on how to understand the fundamentals behind these reversals or be able to predict what type of day it could be based on factors (like gold and usd and eco news were mentioned)