Waltzing Matilda
Good Evening / Morning Dynamic Traders
“Better to have tried and failed, than not tried at all”
Cross = AUD Daily below (Courtesy of Advanced Get / E Signal)
We looked at the NZD on our last blog in some detail and today we are going to turn our attentions to its neighboor the AUD.
As Britain had a weekend of snow and ice, which normaly brings things to a stand still, I thought I would look at hotter climates and put you mind in the right frame to start your week. Trading is very much related to the state of your mind and when your not quite feeling with it your trading can suffer. When this happens you are better having a day away from the markets. At my house in Birmingham I have a room with multiple monitors and the walls surrounded with pictures of happy memories of days gone by, I also play music that I find relaxing, whether Classical, Rock or Pop. This all helps you being in the right frame of mind and ready to tackle the markets.
I have come across some videos which will help you in these thoughts and have posted one at the bottom of the blog, if you get the chance get hold of a copy of "Trading in the Zone" by Mark Douglas. http://www.amazon.co.uk/Trading-Zone-Mark-Douglas/dp/0735201447
Lets now look at the AUD
Long term this cross is Bullish and 2011 saw it hitting its all time highs, price is looking on retesting these figures with around 1.1000 giving some resistance points. Price currently deciding its future around a weekly support level, having BOB from our weekly trend line.
Dynamic Traders will have had several hints of a long entry since the turn of the year and I imagine many may well be in this trade already and if so will be in profits. With the VI having been in my way, I never entered this trade till more recently and am not yet risk free.
On the Daily chart price is at the neck line of the recent "W" formation which can be seen on the chart and this coincides with a previous resistance level. If we can move through this area price should continue with the trend until our higest highs at around 1.10000 - 1.11000.
Trading In The Zone.
There are 2 kinds of people who lose money, those who know nothing and those who know everything !
Remember PRICE is your number 1 indicator, Support & Resistance is your second. Keep it simple.
Please do your own analysis before entering a trade.
Trade with Passion
John Maher
Forex Analyst
