AUDUSD

This could be forming a 123 low???
This is clearly in a down trend as you can see the peaks getting lower and lower.You should also be able to see that there has not been any 123 low breakouts. So when a 123 low does come it adds to the signal
so the level to watch is 0.9344 so about a 100 points away from now.
Obviously the price could still go down furthur.
Ive put this chart up so as you could see what i look for.
So keep an eye out on this.
ive been trading this pair a few times now. The last trade worked out perfectly
if your greedy then you wont win...Take profits when they come




dl.dropboxusercontent.com/u/4899609/audusd28yhjune.png

im long on this from a first attempt basis of major support.(9405)
i forgot to mention this last night.
Ive got a 40 point stop on this.

dl.dropboxusercontent.com/u/4899609/audusd10thjune.png

sorry my chart was configured wrong as the 200ema was not set properly
the one below should be the right one.

dl.dropboxusercontent.com/u/4899609/audusd4thjune1.png

Hi gg
Im more of a day trader so rarely look at the long term picture. Im all about quick profits from a day trading perspective I focus mainly on the daily charts.
The 123 low works best on daily charts and its aim is to find possible lows.Obviously its not 100% but can keep you out of a falling knife
You could well be right about further down side as the 200ma is an important level and when the price is below its bearish. On your chart it actually bounces of nicely from the 200ema
From a long term perspective ,This currency pair is in a sideways market so basically a sideways trend. If you look carefully you can see a descending triangle on this and the level to watch is 9403.So below this and this would tumble.


dl.dropboxusercontent.com/u/4899609/audusd4thjunelong.png

Hi Remo, I agree with you on this trade and I also took it and got out with soem proffit.

I was pondering re-entering, but I just looked at the 200ma on the weekly. I hate to be the contrarian here, but it has closed below the 200ma on the weekly and looks like recent rally was just test of the 200ma. This makes me think there will be further down side. What are youre thoughts on closing below the 200ma on the weekly?

Testing the breakout point.
Ive re-entered with 40 point stop.This is after taking a good profit yesterday ,so basically using my free credit ive earned from this .Still would be in profit even if this goes against me