Ending August on a low ..

Hey traders, how are we all today? I got a bit lazy with doing the weekend wrap up. Instead I setup a short trade in EUR/USD today. Was looking to catch a short term trend reversal back into sloping trend line support. However, got a bit hasty and didn't wait for confirmation signal on the retracement.

Net result was another loss for August as an overreaction to some mediocre news saw EUR/USD rocket past my order and stop. No matter. Will need to exercise more patience as I get back into this game.

Post mortem

Evening traders. So, for those of you who followed yesterday's price action in gold, you would already know that unfortunately the trade didn't work out. After initially being in 1.5 times profit, the FOMC minutes worked against me. The "print more money" theme was in focus, pushing gold past 1650 handle quite easily.

Time to move on to the next trade! No setups of note tonight, although some nice ones played out during the Asian session. Too bad I have a day job. However, will keep a close eye on developments. Tune in for the weekend wrap up at the end of tomorrow's session ^_^.

Update ...

Just a quick update traders. So the gold setup completed and has triggered the order. Early movements are looking good, but we shall see how it plays out.

Midweek update

Hello traders and welcome to the mid week review. Recapping some of the price action setups from Monday:

1. AUD/USD: Decent setups didn't eventuate, but price action is moving in the expected direction.

2. GBP/AUD: Had an awesome 4 hour pin bar setup, but because I got lazy, missed out on the huge move up. Let that be a lesson. You need to treat this like a profession, or expect to miss out often.

3. XAU/USD: Gold had a nice run up, but seeing a nice reversal setup at some key resistance on the 8 hour chart. Pin fakey setup off an inside bar setup. We also see some divergence in the RSI. If the pin closes below 1640, will place an order to sell at 1640.8 with initial target at 1625. If we get some follow through, will look to exit at 1600. Otherwise will close out at 1625.

Watching closely ...

Hello traders. Welcome to start of the week. Looking for some breaks this week with a couple of interesting setups.

First look at GBP/AUD. Have a sustained break back above the 1.495 handle. Looking for a setup on a retest of support targeting the .382 Fibo from the May decline.

Next is AUD/USD. Price action came close to retesting the bottom of the channel, but not close enough. Suggests a retest shortly. Still looking for a short setup, but will wait to see the moving averages create a 'death' cross with the horizontal resistance area at 1.0466.

Can also watch for a clean break of the bottom channel with entry on a retest setup.

 

Getting back into it ...

Heelllooo traders. I took a really long break (although it really wasn't break it was mainly work) from updating this blog. I plan to start getting active about it again for the new financial year.

Last couple of months have been quite interesting as usual as we see most US dollar pairs in a corrective pattern. The risk thermometer (SPX500) is looking to retest the March highs earlier in 2012. General market expectations point to bucket loads of monetary easing which will get asset prices back on the bull path.

For the return post, concentrating on AUD/USD and GOLD.

AUD/USD
- Reached the top of the triangle pattern formation
- Top of current channel up trend
- Looking for a short term reversal to the bottom of channel
- 10 day mva starting to flatten
- Watching for sell confirmation

GOLD

- Consolidation moves within triangle pattern

- Looking for patterns pointing towards a resumption of the downtrend

- Break of downward sloping trend line intersection with horizontal resistance at 1640, 1650 to confirm resumption of uptrend