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Failed to get into the down channel but it is ranging now... sold a bit at the top and brought a heap prior to the Aud news release which didn't seem to confirm or deny rate hike expectations (not really sure if they will and not going to pretend like I know if they should.. or what ever), but the daily bars have this range being sold heavily, so hopefully it breaks down, but in case it does not I will have to be be net long in case it breaks above. I was thinking who would be position trading this pair long-term to the downside (it costs a heap in nightly rollover).. so I should have been net-long from the beginning, regardless, unless I was betting the US will raise rates that is.. but news on that seems muted.
Update: Aud over 80 cents OMGWFTNBBQA..
So what did I do in such a great move? Sold my longs and cut off a 30 day old short. Lol
Oh well. Maybe this can be 'an experiment in treading water.'
Can you help answer these questions from other members on NexusFi?
So AUD is 80 cents or so and I kind of thought it would get here but I never traded on that and simply tried to do something else (still working on what 'that' was though), so for now I'm just hanging tough and trying to get rid of old shorts and preparing for this thing in the hope that it falls some. I am buying a bit as it drops and taking some of the shorts, was some pretty crazy chop just yesterday so it seems a battle is on for control of the current price with the daily bars both (very) bullish and bearish... So, I pretty much cut some of my losses at these high levels, which is really silly as I should have bit the bullet two weeks ago, but something had to give as my DD was out of control and the market seemed intent on pushing my resolve - yes mr market you win!
My general thoughts on the Aud economy are mixed, with some articles pointing out that this high AUD level will contract the economy, but will probably not halt much of the housing market, with CPI and prices potentially rising to offset by low wage growth (saw something about this on investing.com??). My general impression of the Aus economy is muted, so-so, neither up nor down, with of course the USD seemingly taking a nose dive and causing most of this price rise along with the iron ore price (of course), (meaning to pay more attention to that actually), seems to be a leading lagging type indicator which I could pay attention too...
So yeah, I think it could get interesting if we break under 7850 otherwise the low of the new range mught be 7880 or so.. we shall see.
Quoting myself because I saw it but I didn't trade it... silly billy.
Nice pattern potentially forming, so I'll buy into it to see if it spikes up
I'm still running this account and Aud positions kind of turned out okay (in that I did not lose the lot!). Still six months to go so I will try work on this a bit more because I got lost in the crypto world last year and didn't pay much attention to the account..
