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AUDUSD Trades Under August Low; Risk Moved to 10530

AUDUSD Trades Under August Low; Risk Moved to 10530

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

EXTREME complacency is evident not just from recent volatility readings but also from recent ranges (one and the same). The red dots on the first chart indicate a 5 day range equal to or less than 1.1% (which was reached on 8/10). Since 2008, ranges this small have led to declines of at least 800 pips with lag of anywhere from 2 weeks to 2 months. In other words, respect the potential for several false starts. Adherence to proper strategy and risk management should enable us to catch the meat of the next drop. I am currently short from 10520. The drop below 10435 allows the stop to be moved to 10530 (originally 10590 then 10580). A review of the big picture wave pattern (triangle) and substructure of triangle wave c (or d) is included as well.

AUDUSD – Daily Bars

AUDUSD_Trades_Under_August_Low-_Risk_Moved_to_10530_body_audusd.png, AUDUSD Trades Under August Low; Risk Moved to 10530

Prepared by Jamie Saettele, CMT

AUDUSD – Weekly Bars

AUDUSD_Trades_Under_August_Low-_Risk_Moved_to_10530_body_audusd_1.png, AUDUSD Trades Under August Low; Risk Moved to 10530

Prepared by Jamie Saettele, CMT

AUDUSD – 240 Minute Bars

AUDUSD_Trades_Under_August_Low-_Risk_Moved_to_10530_body_audusd_2.png, AUDUSD Trades Under August Low; Risk Moved to 10530

Prepared by Jamie Saettele, CMT

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Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.