AUD/USD Double RePo potential 29 Sep 2009
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This a chart that we are watching for a potential trade in the Fibonacci Trading forum at DailyForexCharts.com
The AUDJPY pair 60 minute chart shows a potential DRPO short opportunity (look-alike). For this trade to trigger, we need the 60 minute chart to close above the 3X3 moving average (red line on the chart), and then shortly after that to close below the 3X3.
The Double RePo is a powerful DiNapoli directional pattern, and can also be traded as a failure. I have provided some links below to help you research this pattern.
TraderZine forum discussion on DoubleRePo
PureBytes archives Double Repo DRPO research
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I’m posting this as a learning opportunity. Not every setup will trigger. It is important to know when to pass up on an opportunity.
After some time elapsed, the Double-RePo (look-alike) trade did not materialize. No trade, no loss, no gain.
Attached is the chart showing how this pair went sideways, negating the opportunity. We do not want the pattern to take to long, to go sideways before triggering. The DRPO is a pattern that takes advantage of short term panic, not long term consolidation..
