AUDUSD & USDX 1209
| 09 December 2011
VIDEO SUPPORT: http://youtu.be/bdqtZ6531jo
The Daily PIVOT Price levels at 1.0233 broke lower signaling a short technical reaction. With a follow through currently at 1.0057 is bearish nearing the second (S2) Pivotal support level 0.9998 is in line with the bottom of the cloud while reaching the Ichimoku Kijun Sen 1.0030
Where we may find some position adjustments and profit-taking causing some limited pullbacks. However, prices are still below the near term 21DMA of 1.0085. While completing a Daily Fibonacci 50% retracement from the previous downtrend; where a short rally remained with a consolidation of the HI/LO and breaking the daily Pivotal price on the way lower. With the RBA's move and the USDX moving higher led to the trend lower. With an initial target to fill-in the previous gap. Thus, a retest at the 0.9700/40 trading range is its inital objective.
Trade Plan lll
POSITION: SHORT @1.0200
Trend :BEARISH
Signal Indicator : Breaking PIVOTAL PRICE & CONSOLIDATION
Strategy : Using the USD Index as a Primary Indicator as it moves higher above the 78.10 basis point to 78.85 SHORT ON THE WAY LOWER with HIGHER volumes & momentum
Entry / Exit : 1.0200 OB / 0.9850
Risk / Tolerance : 1.0285 (-85+/-) on entry price +/- Probable loss / Stoploss: 1.0300 ( -100+/- ) on entry price +/-
Potential Profit 0.9850 /even (+435+/-) OB on entry price
Rationality : 2.5x from risk tolerance / Net Exposure pre-calculated versus overall trade position on margin requirement/maintenance / swaps / point value
Time Table : Within 1-2 week period + / -
Status: OPEN/ settlement based on net percentage gain or Loss on overall net position of trades within above period
