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EUR/AUD Longterm – 15 Sep 2009

September 20th, 2009 FibMaster Comments off

 

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Originally posted by “Lifesong”; Mon Sep 14, 2009 10:19 pm

Click to enlarge

Click to enlarge

This pair is showing an interesting behavior on the 240 regarding reversing off the 60 TRSI as we’ve been analyzing TRSI bounces trades lately.  Looking at the attached 240 chart it is remarkable that it reversed 5 times from the 60 over the last month.  BUT the big negative is that the Daily wasn’t really going anywhere during this time.

Currently price action on 240 is again showing signs of reversing from 60 TRSI and this also coincides with SK resist @ 1.70 level and down sloping trendline.  Just a pitty the Daily is still up and this is not a desirable scenario for shorts, but perhaps if it can thrust through the 1.7030 level on 240 chart one could consider longs towards 1.72 on lower timeframes.

Originally posted by “FibMaster”; Tue Sep 15, 2009 4:31 am

5 Reversals in a row, is a lot!

They were all quite decisive turns. This one has stalled, added several candles going sideways since you posted this. It looks different to the prior 5, not decisive at all (yet).

Originally posted by “Hussam”; Tue Sep 15, 2009 4:49 am

Hi Lifesong,

Yes, interesting but things may have changed. Weekly found support at P3 (1.6717) and TRSI just about to cross up. Daily TRSI crossed up and 4 hour is up and about to push up through 60 level. Let’s see what happens after Retail Sales figures. Lately, Euro is holding a bit better than Aussie.

Hussam.

Originally posted by “Lifesong”; Wed Sep 16, 2009 5:37 am

Just amazing how our eyes sometimes don’t want to believe what we see!!! We had the 6th reversal from TRSI 60 level on 240 chart and took entry earlier today (after 04:00GMT) with break of 60min consolidation @ 1.6935. Now that price is down at previous SL and .618 Fib retracement @ 1.6835 I’ll lock in 50% (100 pips) of the profit and exit other half when TRSI crosses up on 60min.

Originally posted by “FibMaster”; Wed Sep 16, 2009 5:43 am

Very nice!

A weak rally (lower time-frames) could be a chance to re-enter.

Originally posted by “Hussam”; Thu Sep 17, 2009 2:42 am

WELL DONE. Cheers
Hussam.

 

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Categories: EUR/AUD, FOREX