Long AUD/USD – Close Open Orders

Close Open Orders: 2007-03-21 22:25

We will close open orders as AUD/USD never made a retracement down to trigger our entry level.

Trade Idea: 2007-03-19 22:30

comdollsff.gif




Welcome everyone to the first “Playing with ComDolls” post! Tonight we will take a look at the Australian Dollar. The “Aussie” has made a nice run against the US Dollar, going from .7800 on March 13th to .8000 today. This was on the back of traders gaining their risk appetite back, a higher inflation outlook, and rising gold prices.


Now, AUD/USD has made several attempts in the past to stay above the crucial .8000. The market has a bullish outlook on the Aussie, so it just might have that staying power this time.



Because of the strong run, we may see a retracement on profit taking before the uptrend resumes. We will scale into a long position around the 50% and 61% Fibonacci levels drawn on the chart.



Long AUD/USD at .7900, stop at .7860, pt at .7980



Long AUD/USD at .7885, stop at .7845, pt at .7940



And in the words of Pipcrawler, “Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.”

  • icycloud

    looking forward for your awesome blogs. it’s nice to have a forex lady blogger and that proves us ladies is equally as tough as man! lol . :)

  • happypip

    Thanks Icycloud! I’m sure I can give these guys a run for their money! :)

  • icycloud

    looking forward for your awesome blogs. it’s nice to have a forex lady blogger and that proves us ladies is equally as tough as man! lol . :)

  • pipjake

    Hi HappyPip,
    Thanks for ur post. Would really appreciate it if u could let us know which MAs u use as i can see a cross-over on ur chart. Also, what parameters to set for MACD and Stochastics and do u always use these for the 240 min. chart only.

    Thanks,

    jake

  • happypip

    Hello pipjake :) I use the 20 and 5 WMA’s. I use the standard settings for my stochastics (14,3,3)and MACD (12,26,9. I use the 4 hour chart mostly, but i look at the weekly and daily chart for support and resistance levels. I rarely look below the 4 hour time frame. I hope this helps! :)

  • happypip

    Thanks Icycloud! I’m sure I can give these guys a run for their money! :)

  • pipjake

    Hi HappyPip,
    Thanks for ur post. Would really appreciate it if u could let us know which MAs u use as i can see a cross-over on ur chart. Also, what parameters to set for MACD and Stochastics and do u always use these for the 240 min. chart only.

    Thanks,

    jake

  • happypip

    Hello pipjake :) I use the 20 and 5 WMA’s. I use the standard settings for my stochastics (14,3,3)and MACD (12,26,9. I use the 4 hour chart mostly, but i look at the weekly and daily chart for support and resistance levels. I rarely look below the 4 hour time frame. I hope this helps! :)

  • Illuminary

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  • NuPips

    Hi HappyPip,everyone!

    I’m a total newbie to foreign exchange trading and seeking advice on what to do with my USD! I’d like to eventually increase the value of the USD in AUD, as I’m from down under. I intend to start the demo and read the beginners advice you have on this website. Thanks, its a start.

    So far I’ve just had my USD in Dual Currency Deposit Options with a certain bank. However, I listened to the bank’s advice and kept it in USD, based on the idea that the AUD/USD was too high at .7800 late 06/early 07 to convert back to AUD. Now my options have expired, still in USD, and would like to be more pro-active in my trading. I’m trying not to think of the loss of AUD based on pre-March AUD/USD, vs .8300 now!

    I don’t have to have it in AUD urgently. But would like the option at minimal loss. I suppose it depends on where the AUD is headed. Do I have to cut my losses and convert some USD into AUD now? Do you offer forecasts? The funny thing a friend not involved in anything to do with forex kept advising me the last 6 mths to get out of USD and hold AUD, based on news.

  • NuPips

    Hi HappyPip,everyone!

    I’m a total newbie to foreign exchange trading and seeking advice on what to do with my USD! I’d like to eventually increase the value of the USD in AUD, as I’m from down under. I intend to start the demo and read the beginners advice you have on this website. Thanks, its a start.

    So far I’ve just had my USD in Dual Currency Deposit Options with a certain bank. However, I listened to the bank’s advice and kept it in USD, based on the idea that the AUD/USD was too high at .7800 late 06/early 07 to convert back to AUD. Now my options have expired, still in USD, and would like to be more pro-active in my trading. I’m trying not to think of the loss of AUD based on pre-March AUD/USD, vs .8300 now!

    I don’t have to have it in AUD urgently. But would like the option at minimal loss. I suppose it depends on where the AUD is headed. Do I have to cut my losses and convert some USD into AUD now? Do you offer forecasts? The funny thing a friend not involved in anything to do with forex kept advising me the last 6 mths to get out of USD and hold AUD, based on news.