AUD/USD ... are you kidding me?

SO SO SO.... that RBA decided to leave rates on hold today (as i expected, pffft as if they would raise them with inflation steady, housing data not to hot and where the AUD was!)

There are many problems associated with having a strong currency especially for exporters.

Anyway. After the announcement and the subsequent fall in the AUD/USD i looked for an entry. I scalped a few pips here and there but hadn't built my position yet.

Now i am in from an average of around 9620 and its currently trading over 9660... are you kidding me?

Anyway stops are higher up for my positions being spread. Basically i dont want it to go over the weekly CPP or higher as this would not be good for the shorts.

However based on the chart below i feel quite confident in my analysis and why i am short... Only thing i should have done better was WAIT for a entry higher up then i could have same Dollar risk with more potential profit also.

Anyway would be about the same. Hope the chart helps. I did a video but cant upload for some reason, i will try put that up as it is more detailed.

Basically what i am seeing is no retrace. We have broken out of the trend channel and also broken a 4 hourly low. Now we should make a 4 hour lower top and then away we go to the short side.... in theory...



:)