EURAUD Discussion

**OGRooney** · 4th-September-2012 05:55 PM

Anyone who went long on the 8th of August is laughing... 700 pips, I've stayed out til now

Reckon we'll get to the 61.8 fib? if so whats your predictions from there, up or reversal?

Daily RSI is at the highest it's been since march 2011

euraudaily.jpg

Can a mod please delete the below image, I can't work out how to do it.

**Lone Wolf** · 4th-September-2012 06:32 PM

I notice that your buy price is right on the previous support / new resistance line. It also happens to almost exactly line up with the 50% retracement level. Don't get me wrong, I have no opinion on what it might do as I don't trade chart patterns at the moment. But you seem to like fib levels, any reason you don't value the 50% level?

**OGRooney** · 4th-September-2012 06:52 PM

Originally Posted by Lone Wolf

I notice that your buy price is right on the previous support / new resistance line. It also happens to almost exactly line up with the 50% retracement level. Don't get me wrong, I have no opinion on what it might do as I don't trade chart patterns at the moment. But you seem to like fib levels, any reason you don't value the 50% level?

I just use the standard set that come with the tool, every now and then I add in 50, 76.4 and 78.6. The tools really messy even with the standard set, especially if you have other lines drawn, actual resistance/support levels that don't quite match up with the fib levels.

I just noticed that I'd missed out on 700 pips this morning so when the price dropped today I saw an opportunity to enter, I wasn't aware it was the 50 level, I think I probably should use 50 a bit more.

**TulipFX** · 4th-September-2012 08:15 PM

There is the ECB meeting on 6 September, the German court decision and other expected events like the Troika report on Greece and Spain's potential submitting to a bailout plan to consider too.

The recent run up however has been due to AUD weakness, more than EUR strength.

**cogs** · 4th-September-2012 08:17 PM

It appears to be a very bold long, given the poor long swap also.

If you use fib (which euraud doesn't currently appear to respond to well being a trender) EURAUD and AUDUSD are both at a 50% fib level, I would be looking at 1.21600 ish retrace for any long entries IMO. Although this has been on a good run up, personally I certainly wouldn't be going long, but hey I have stuffed up quite a few lately.

**OGRooney** · 5th-September-2012 11:11 AM

Two consecutive 1 hour closes above 50 fib last night... even if we don't breakout there's a nice 50 pip range trade 1.2260 - 1.2310. I got trailed out twice for 15 pips or so, I've entered again without a trail - I'll aim for 1.2310 and if we stop there I'll sell targeting 1.2260 with a stop above last nights high, still I think we're going to see more upside.

Sticky note above my computer "If your too sacred to speculate, your in the wrong job"

**cogs** · 5th-September-2012 10:45 PM

Good work, jumping nicely now.

**OGRooney** · 6th-September-2012 07:15 AM

bah ended up short trying to pull of that range trade, should have stuck to my guns

Soarest head.

**cogs** · 6th-September-2012 06:51 PM

A pop through the 50% for the euraud, and now it looks like we will see the retrace while the AUD makes a run to fill the gap. AUDUSD has already spent 113% of its daily range so may not see much more out of it today. EURAUD still has a bit to go yet @ 83%.

Might be another chance for you to go long yet on the 38%, will wait and see what all te latest talks hold.