AUD/USD Trading Plan, January 29th 2013 (English Language)

Hello traders,

this morning I worked on a trading plan for the Aussie, i.e. the Australian Dollar versus the US Dollar and I am sharing it with you in this post.

Please find attached the video-analysis recorded in the morning for AUD/USD for today January 29th, 2013:

The forex pair could have interrupted its sequence of measured moves lower, so I believe it’s due for a larger retracement higher.
However the levels around 1.0330-80 (see picture below) never traded and this has me worried because there is where professionals and Program Trading would participate on the long side.

AUD/USD daily timeframe analysis and trading plan - January 29th, 2013

AUD/USD daily timeframe analysis and trading plan – January 29th, 2013 (click to enlarge)

So I assume what it is going to unfold is just short covering and we have more downside (Scenario 1 below, is the more probable for me). These are the 2 scenarios I could identify in the short-term and going forward:

Scenario 1. If price sees 1.0430 area that would be a good entry with a stop below 1.0410. 1st target is at 1.0480 area, right a resistance. However, it is better to wait for confirmation before getting involved.

Scenario 2. Only if price moves above 1.0520 I will give bulls credibility. In that case price could dip once again into the 1.0460-80 area and then continue higher

A good long opportunity is unfolding here. Please let me have your thoughts. Thank you.

Subscribe my Newsletter for free below so I can include you in the distribution list, it only takes 10 seconds:

Thank you for subscribing should you decide to do so. Lots of other people are doing the same.

If you intend using this information for your trading please do your own diligence, find the advice of a trading professional and trade at your own responsibility. The information provided is for educational purpose only. Please read the Disclaimer and accept all the risks. Thank you.

Have a good day


Leave a comment

Filed under English language, Forex, Trading Plan, Weekly review

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s