AUDUSD

Possible 123 low breakout????
I normally use a 40 point stop on currency trading when entering on a break out.

Free trade now ...
this has moved 60+ points since i tipped it.

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

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?

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

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