Double tops at 0.9045-ish. A break of 0.8910 should be good for 135 pips to the downside, if the pattern plays out as the textbook says it should…
11 Responses to “Is that my favorite pattern in AUD/USD?”
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Don’t wanna poop on parades or anything
, but could also form a reverse H&S pattern.
i wonder how often it actually does play out like the textbook says it should, i never monitor them long enough to check :p
Same on 4hr USDJPY. Dbl top or inv H&S?
Better than a coin-flip, I’d reckon, but I don’t keep a P&L…If you handle money management right, set reasonable stops, I think pip-wise, they work out very well…
Given that the RBA is expected to hike rates on Tues (and make the aussie even more attractive to the carry trade), aud/usd might triple top at .904, tap out at .909 or hit its old strong support turned resistance at .917. The idea of a short from .904/.909/.917 down to the .87s is quite enticing though… Today risk might get a pop from Bernanke/Microsoft/Amazon. Tomorrow is window dressing so risk should catch a bid. The market will start to focus on the RBA decision on Monday. aud/usd might go up before it goes down.
AUD hasn’t gotten much boost from RBA lately…Well discounted…
Still I just love it when I get a couple bucks in my account from the high yielders, so much more pleasant than paying for USD/JPY and EUR/USD shorts.
agreed
Looking at the 20yr aud/usd chart, it’s evolved from a 50-80 range to a 60-98 range. I think it should be in a 60-90 range, but the amount of money flowing into currencies, especially the aussie, is so staggering that nothing really surprises me. Eventually, I think we’ll get a double top at 98 or so that will be an incredible short opportunity. Of course, we’ll probably only get to enjoy that ride at a 10:1 rate… If it double tops at 98 and heads down to, say, 75, that’s 23 big figures. Would have been nice to have been able to put 10k into that and get back 230k… Oh well…
Move the account to the UK and have it 200:1 if you’d like.
also seeing that it has broken all the key Fib levels on the Nov-January move…its probably breaking down…