up or down, page-4

g'day mate,

Yup I agree, trading the AUDUSD pair can be a biotch with full time normal work and I confess, this is part of the reason why I tend to concentrate on indices.

Your strategy of targets and stops i beleive is a good one as sometimes watching a trade can be a head wrecker as well, and a lot nicer to actually wake up when all the action has settled, preferebly with extra money in the account.

Definately, london open times seem to influence this pair more, with US open times being a dead period and minor action occurring during our open.

My current hours are generally trading over the London open times, crash at about 1, up again at 5:30 for US close then off to work... can generally only do that about four days a week, and I do take nanna naps in the late afternoon when I get home.

................................

Below is the cup and handle I was conjecturing about... on the hourly...



I am not that positive about this pattern, but I like to note everything... and then I am never wrong!

I've been drawing all over my chart of the AUDUSD pair...

The rest of this is the chart scribbling I've done to support my first conjecture of drop to .65 ish based on my previous post:



Note.. big emphasis on conjecture...This is a four hour chart, available on IGMarkets charting package.. a bit of an inbetween time period that I like to play with...

Legend:

Blue lines depict a potential elliot wave sequence...

Thin horizontal and vertical lines show a target on the downside, based on my own theories of MACD Histogram divergence... note target has been reached prior, so I don't know if it will be tested again.

Thick black lines show a potential three wave corrective structure, yet to play out which wouldfit nicely with the above mentioned MACD Histo Target

Ellipsies shows MACD Moving average divergence versus price

Small rectangle highlights 200 period moving average... a strong magnet for price, and also nicely around the conjectured target level...

Man... I gotta get a life...

lol

;)