Replies to post #131711 on Simple's Green Room

[Heavyweight]

I'm not quite convinced on the turn just yet but who knows...

https://charts.mql5.com/7/393/audusd-h4-oanda-division1.png

[Heavyweight]

Here's another chart of what I'm looking at.

https://charts.mql5.com/7/393/audusd-h4-oanda-division1-4.png

IMO any move up is temporary. I think AU is still bearish overall but hell I'm no genius. GL

[boca_bobby]

Hey Jav

I have been watching the fibs and the TDI on a monthly timeframe trying to see if and when a long might be safe to just buy and sit on it. That along with the tunnel and KISS method we've all dabbled with over the past few years.

Initial observation says the the price is still be supported by the tunnel and the .382 retrace. We are not getting a closing price below these levels yet but we are in a territory that is too risky to just call a bottom and hope we start to run. I also have this sick feeling that the Fed is about to raise interest rates which will really get the USD to start showing strength. I'm still bearish overall on AU.

Now that's on a MONTHLY timeframe which we all know may be good for trend direction but that doesn't mean we can't make money in either direction. So I turn to the H4 chart for a closer look.

Put the fibs on the high and low points again. It's gets clear again that we still have some downward pressure on the Aussie. The support may be at the .382 retrace because the H4 tunnel also is lurking around there. That current price is right around .7500.

Then if you look at the TDI it's shows a bearish outlook will probably pay off as well. I think it's pretty safe to look short here and see how the price reacts to that .7500 support level on the H4 chart. If she breaks below that I think we go the the .382 level on the monthly timeframe which is around .7330.

If we break below that then we have a full bear attack again and look out. At least that's how I'm looking to play it.