AUDUSD Trade Setup
AUDUSD Trade Setup
by: Colibri Trader
The trading setup from last time is still trading with a bit of hesitance. DAX (Germany 30) is in a major uptrend. When it comes to selling shorting in a bullish market, traders are more hesitant (including me). It was a very good price action pattern, but sometimes price is not enough supported by market participants’ trading decisions. Having said that, I am still in a mall short position, but might see another rise before/if price goes down. For now, I am not looking to add/reduce my position.
AUDUSD Trade Setup
Today’s trading setup is coming from the AUDUSD pair. I am looking at this pair and seeing a major support level. I am also seeing a price action confirmation. The daily candle is a bullish engulfing candle that has formed after a long-legged doji candle. This bullish confirmation after a hesitant candle is giving me green light for a long trade. If I decide to trade this pair, it will be after a small retracement towards 0.7475. My stop-loss would be placed just below 0.7425. My first target is the level of 0.7600. The secondary price target would be the level of 0.7750.
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14 thoughts on “AUDUSD Trade Setup”
It’s been hard to spot new trades for me, sure there are opp’s but nothing that I can see as A+
Seems elections throw the technicals around, making them less reliable.
I try to always think, “what is the dominant trend”
That is what your course has taught me. Also I find if it’s not clear best to look for better opp’s.
So in each case where I see the dominant trend I look for counter pullbacks to seize on trading opp’s. Thus entering after evidence in the continued direction of that dominant trend.
The technicals are great, however once in a while I get caught because I neglect to monitor upcoming news associated.
Tomorrow is the RBA decision, one would thing if rate is left unchanged the Aussie will drop ?
Time will tell
Hope Dan and master colibritrader doesn’t mind me joining the discussion.
While we are waiting for master colibritrader reply, I just want to share with you that at first I worries about the economic calendar too. After a while, I realize that on applying master colibritrader’s teaching, we have to focus on chart and ignore the news etc.
Patience and persistence pays.
Am really glad that you asked your questions Dan, I also learn a lot and have heightened sense of master colibritrader’s teaching.
Hi Harry and Dan,
Actually I will write a short article on the French election (since this is the event that the market has been following closely recently. I hope it will show another side of the market. But yes- for me the less news there are and the better the price action looks, the higher the chances for a successful trade.
This was a very good setup. It went down to where I was looking to enter in a long trade and now is going higher and higher- if you look at the 1 hour chart, you will only see buyers. These are the types of best trades with a lot of bullish action. Don’t forget that sometimes the best trades happen in the quietest of all markets. Traders prefer quiet markets, since they are having less surprises.
Not soley based on your trading idea but my own due dilligence, anything over .746 is a low risk long for me.
Daily chart producing a descending wedge (one of my fav patterns)
4 hour chart : bull then inside then bull candle breaking above.79
1 hour chart : higher lows
My observations have formed a low risk long opp with SL set to .743
Entered long on break of consolidation at .749 after viewing bullish evidence
If price behaves in bullish manner .754 should be reached if not then some thing might be wrong with my computer 😉
PS Have you ever hear of Hither Mann or Steve Ruffley UK traders ?
Hope you are all well.
There are many self-proclaimed mentors that are trying to make people buy their
courses with the blind belief they will become profitable traders
straight away. Colibritrader teaches his disciples with a methodology, which they can apply in order to become successful over the long haul. He is sharing his real trading strategy and also
concentrating on money management, as that is one of the most
essential things in trading. Patience and persistance pay off as master colibri keeps saying
Thanks with the nice words Harry. I must agree with you too- there are really a great number of self-proclaimed traders. I am not saying I am the best trader out there, but am trying to share my knowledge with the people that want to see how I see the market. And yes- patience and persistence do really pay off! Keep up the positive thinking!
Did you take this trade? It was a great setup in the end and as you said, a very low risk trade. Regarding the other question- I don’t feel it is right to talk about the competition, but in general my feedback is not great. I don’t believe that driving expensive cars and showing off is equivalent to being a great trader. The best traders I know are never showing off with luxurious lifestyles- they are more of the “humble” type of people. I hope that answers your question
I did take the AUDUSD trade.
It is now closed, I had a nice short going prior few days ago but in following morning it was in negative so this time I took profits.
Looking at other opp’s now.
Good conversations going now, controversy always sells 🙂
Haha- you are a risk taker. Seems like you are trading quite actively Dan. Stick to what works for you
I’ve put the audusd on short watch and will wait to see candle action between the levels of .751 to .754.
It’s a plausible area for a short imho
Current pos’s, short oil 50.90 and short SPI200 5764
Have listened to garbage quite a good band, thank’s 🙂
AUDUSD seems quite likely. I can see what you are looking for, although not so sure, because NZDUSD just did a breakout and I am still in (although only 1/4 of my initial position). Let’s wait and see what the price action around this area will show us.
I almost forgot about Garbage, but recently found it by chance again and wanted to share with you guys! Glad you like it, too 😉
Forgot to add long eurusd small pos will let this one ebb and flow as long as it takes
You are riding steady wave here. I hope it goes higher and higher. I am not in that trade. I was looking at a potential short on DAX at 12700, but price is still not there yet, so let’s see what will happen.