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Australian Dollar Double Inside Day Trading Idea

Australian Dollar Double Inside Day Trading Idea

2012-01-19 22:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Double Inside Day Trading Idea

Prepared by Jamie Saettele, CMT

“An AUDUSD top is either in place or will be with one more high.” Consecutive inside days have formed in the AUDUSD. This rare occurrence indicates a contraction in volatility and presents a short term breakout opportunity. Since 2000, there have been just 22 consecutive inside days in the AUDUSD. A simple strategy is to buy the high and sell the low of the engulfing bar (10449 and 10301 in this case). Closing the trade after 1 day would have resulted in 13 winners and 9 losers. The average win was 89 pips and the average loss 35 pips. The largest win was 232 pips and the largest loss 137 pips.

Bottom Line – short, use USDOLLAR 9855 as a stop

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