AUD/USD: Technical Analysis for May 11, 2010

Pair for Tuesday and on into the week, AUD/USD. Ichimoku shows good
signs of an upward trend. The Chikou Span, which acts as a momentum
tool, is below the current price and rising indicating an upward trend.
We did have a crossover of the MACD and then a later corresponding
crossover of the Tenkan-Sen (Blue) from above but now, at the time of
writing (21:00 BST on the 10th) the Tenkan-Sen looks to be rising up
through the Kumo cloud, along with the current price and action. MACD
is about to crossover to the upward trend as well. The thickness of the
Kumo cloud could be a little worrying as it shows volatility and some
resistance to come. Needs to be watched carefully going into Thurs/Fri.

Aud Usd

Aud Usd

Strategy: Buy at 0.8967 (at 16:30 BST)

AUD/USD (All times, unless otherwise stated, are in EST) The most active
days are Thurs (23% TM) and Fri (22% TM) 75% of trends occur between
01:00 and 13:00. 55% TM begins between 05:00 and 13:00

A scalpers Disclaimer
A profitable strategy is useless without discipline
Many traders end up losing money because they fail to make trades that meet their own criteria.
“Plan the trade and trade the plan” …. Success is impossible without discipline.

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  • YankeeClipper1

    Hi Loren, Thanks for the comment 🙂
    Still a little early to say just now as the most active day on this pair is Thursday going into Friday. I'm still holding off as the current price (IMHO) is still fairly flat. Will look at it again Wednesday evening 🙂

  • Interesting, before reading your blog I had already gone long at .8980 with a target of .8860.
    I was tempted by targetting .8897 but felt that this pivot line was previously breached quite easily.
    What is your target?