Wednesday 8 May 2013

AUDUSD - Range Based Reversal

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Hi Traders

AUDUSD setting up to go long in Range Based Reversal set up & scoring following points.

1. Strong Level of Support (1.0154)
2. RSI Divergence              (there is strong divergence on Stochastic & Momentum as well)
3. FIB Extension Level       (Between 1.27 - 1.618)
4. Bullish price action          (Inside bar & low test bar too)
5. Flat Moving Averages.

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8 comments:

  1. Unknown8 May 2013 at 22:29

    Signal candle opened higher then previous candle's close and didn't take out previous candle's low which would imply strength. Aussie employment figures tonight. :-) Happy Trading!

    ReplyDelete
  2. Sajid Khan Ghori8 May 2013 at 23:02

    Aussie has got also divergences on oscillators on its following crosses

    EUR/AUD: Divergence on Stochastic & Momentum, Class B divergence on RSI. Taking resistance from monthly channel.

    GBP/AUD: Divergence on Stochastic, Class B divergence on RSI & Momentum. Taking resistance from a soft level 1.5300

    AUD/CHF: Divergence on Stochastic & RSI.

    AUD/NZD: Already taking off after divergences on RSI, Stochastic & Momentum.

    All these divergences on Aussie crosses makes this trade quite likely to be a winner

    ReplyDelete
  3. Unknown8 May 2013 at 23:40

    Yes i agree Sajid, for completeness however i like to see the following ( ambitious but will be ideal) :

    1) Price extends to all important 2.00 ( so price can run higher when rejected)
    2) The LTB just forming but will like to see it sustained a little longer)

    Seyi

    ReplyDelete
  4. Unknown8 May 2013 at 23:56

    Also Sajid could u share how u obtained the values on the RSI higher lows and the Price Lower Lows (4.624 & 0.008 respectively)

    ReplyDelete
  5. Sajid Khan Ghori9 May 2013 at 00:19

    To be honest i am not taking any of these values in my analysis, its just comes if you use Pencil option with Arrow & Price Ruler check box is ticked

    ReplyDelete
  6. Unknown9 May 2013 at 00:23

    and i suppose Entry ( 1.0212) will be this will be 5pts above the high of the second bar (i.e. if it gets broken)

    ReplyDelete
  7. Anonymous9 May 2013 at 22:54

    Sam Le Page here, this all looked good and if you took this trade will know it fell through the floor tonight. Ahh well that is trading. Has anyone had trouble getting in contact with Tom Franklin? I have tried but not had a reply re anything. I know we are all supposed to cope on our own but after all the big talk,hype and cost of the two courses i expected a little more contact than i have had.(ie none really) After seeing Greg Secker acepting his award recently on behalf of K2A and talking about how he wants everyone to be taught the strategies and then to be shown them live I am beyond dissapointed. I have every faith in the prop trader program but after 3 months and £7k spent a little help from Tom or someone isnt too much to ask for!!!!!!!!!!Only Adam who does MWMF seems to care about us out here trying to learn and progress. Even some constructive criticism would help without having to pay again. Not happy at all. If we are supposed to follow the rules, the rules, the rules as a prop trader at least do us the courtesy of replying to emails and helping us out as newcomers.Surely at 60/40 we ALL benefit!!

    ReplyDelete
  8. Anonymous12 July 2013 at 02:08

    Hi guys, looks like this blog is dying out. I am interested in K2A prop program. I was wondering if you can give me some advice. It is worth doing? Did any of you made progress over level 5?
    Thanks

    ReplyDelete

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