AUDUSD Forecast and Trade setup - Thursday 29th Jan, 2015

AUDUSD Forecast and Trade setup - Thursday 29th Jan, 2015

For today - perhaps going against the trend gives a good trade idea. however, a much better trade idea for medium term / swing gives a better opportunity.

Weekly Chart

• Note weekly candle has not closed, so look at the candle prior
• A very convincing bearish candle closing breaking support zone
• Next support zone is around 150-200 pips away

Daily Chart

• Targets of 0.77 is on the cards,

• short term we should see a retrace towards the 0.815-0.82

Outlook Trade opportunity

On all time frames, Monthly, Weekly , Daily, H4 - its all bearish (ichimoku).  

Swing / Medium term trades -
I'll be looking at a opportunity to go short when prices retrace towards 0.815-0.82 , and have targets towards 0.77. ( 3:1 reward to risk)

For shorter term trades
Going against the trend today might be a good idea, as the risk in terms of pips is low, and a Potential Bullish Cypher pattern is drawn out, where currently price is flirting in the 78.6 fib level.

Risk Level - Low for swing, and high for short term idea

Tips -

Always take note of any economical news event on our provided calender below

AUDUSD - Trade Examples of my Scalping during Asian Session

AUDUSD - Trade Examples of my Scalping during Asian Session

Thought I would post some of my trades I took.  Its been a long time since i posted trade examples.

Trades i took

#1 Trade - Short - Loss -5pips (0.02% loss as manually closed and was only risking 0.5% as it was counter from the surge)

• There was a massive surge after positive AUD economic data, however paused at the 0.80 acting as resistance.
• Took the trade short as there is a second attempt at the 0.80 and rejected.
• Unfortunately TP was not hit, missed by around 5 pips
• Trade manually closed as getting late and the time of day is where breakout usually happens

#2  Trade - Long - Win +19pips (1.5% gain) - manual close - however would of hit TP if not

• Trend of the day was up and price action was bullish as it breached the triangle to the upside.
• Time of day - Pre European sessions where usually breakouts happen
• Trade was manually closed - however would of hit TP if not.