AUD/USD – Close Open Orders

Close Open Orders: 2008-11-21 14:48

AUD/USD retraced a bit higher and fell, but not enough to reach the 50% Fibonacci level where I had my orders ready to go. Since we are at the end of the trading week, I have decided to close my open orders and start my weekend early.

Close open orders to short at .6340. No trade.

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Trade Idea: 2008-11-21 01:08

comdollsff

Hello! I’m picking on AUD/USD once again as the pair is giving me a possible Fibonacci play to go short. Let’s take a look!

Up top, I have a nice little four hour chart on AUD/USD and after breaking previous support, it looks like a retracement may give traders another chance to short. I used a Fibonacci tool to find possible retracement levels for resistance, and it so happens that previous support lines up with the 50% Fibonacci area nicely.

The current market environment still favors the Greenback as we continue to see more global weakness and fear from investors to put cash back to work in the market. So, with gloom and doom still in play, I like a short on AUD/USD as firms continue to buy back US Dollars.

Short AUD/USD at .6340, stop at .6440, pt1 at .6240, pt2 at .6100

Remember to never risk more than 1% of a trading account on any single trade. Adjust positions accordingly.

Stay tuned my friends! :)

  • hany_egypt

    well, nice setup happy pip, but I guess the pair won’t reach 50.00 level and will bounce at 38.2 level @ 0.6265 as its a pivot line since 24/10 on the same chart ..

    Good luck on aussie.
    Hany

  • sukiyaki

    Wow, Ms Hany. Looks like you’re spot on. But I didn’t really see the pivot line there. hmmmm…

  • hany_egypt

    well, nice setup happy pip, but I guess the pair won’t reach 50.00 level and will bounce at 38.2 level @ 0.6265 as its a pivot line since 24/10 on the same chart ..

    Good luck on aussie.
    Hany

  • hany_egypt

    By the way, I am male .. :) concerning the pivot line @ 0.6265; minimize the 240 min. chart, you’ll find the pair passed this level 3 times .. the 1st time acted as a resistance then break then break and now acted as a resistance again as shown .. my profit is + 52 now and my target is 0.6160

  • julian

    Hi.. Should i wait for the price to go back up to 6340 before i place this trade ?

  • sukiyaki

    Wow, Ms Hany. Looks like you’re spot on. But I didn’t really see the pivot line there. hmmmm…

  • hany_egypt

    By the way, I am male .. :) concerning the pivot line @ 0.6265; minimize the 240 min. chart, you’ll find the pair passed this level 3 times .. the 1st time acted as a resistance then break then break and now acted as a resistance again as shown .. my profit is + 52 now and my target is 0.6160

  • julian

    Hi.. Should i wait for the price to go back up to 6340 before i place this trade ?

  • MaoriPip

    Julian I would stand aside right now as the original short does not seem to be playing out. A possible break below .6177 may suggest a push lower to around .6100. With the weekend coming up it may be best to sit this one out. Any other thoughts?

  • hany_egypt

    Thanks alot Happy Pip for the idea .. I just opened the trade earlier at 38.2 fibo level and at last my whole trade is closed at the mentioned target with + 106 pips profit .. Aussie rarely smiles to me .. :) Hany

  • MaoriPip

    Julian I would stand aside right now as the original short does not seem to be playing out. A possible break below .6177 may suggest a push lower to around .6100. With the weekend coming up it may be best to sit this one out. Any other thoughts?

  • hany_egypt

    Thanks alot Happy Pip for the idea .. I just opened the trade earlier at 38.2 fibo level and at last my whole trade is closed at the mentioned target with + 106 pips profit .. Aussie rarely smiles to me .. :) Hany

  • LoboTrader

    Dear Happy Pip. Why not trade long this currency’s, maybe sometimes this pair offer this kind of opportunity. Thank you.

  • LoboTrader

    Dear Happy Pip. Why not trade long this currency’s, maybe sometimes this pair offer this kind of opportunity. Thank you.

  • WALLINGTONMOBILE

    well, nice setup happy pip, but I guess the pair won’t reach 50.00 level and will bounce at 38.2 level @ 0.6265 as its a pivot line since 24/10 on the same chart .. Good luck Thanks alot Happy Pip for the idea .. I just opened the trade earlier at 38.2 fibo level and at last my whole trade is closed at the mentioned target with + 106 pips profit .. Aussie rarely smiles to me ..

  • WALLINGTONMOBILE

    well, nice setup happy pip, but I guess the pair won’t reach 50.00 level and will bounce at 38.2 level @ 0.6265 as its a pivot line since 24/10 on the same chart .. Good luck Thanks alot Happy Pip for the idea .. I just opened the trade earlier at 38.2 fibo level and at last my whole trade is closed at the mentioned target with + 106 pips profit .. Aussie rarely smiles to me ..