Monday, October 10, 2011

C'mon Aussie, come on....$AUDUSD Setup

Come on Aussie, Come on!    Good Morning Asian Session Traders!

Man Carrying Beer to Cricket Match

Do you know that song? It's a great Australian Cricket song. I used to hear it every summer, all the time in my misspent youth...all the way Down Under in the Land of Oz!
It is very catchy and always seems to run in my head when I am waiting for AUDUSD trades.

It's a busy week for me, I have lots of homework. Yes, lots of homework. I really need to be working on testing instead of trading. I owe myself about 30 to 60 test trades per day. I am supposed to sit out on trading after last week's evil trading but I can't help looking for setups. 

Hhmm...did I just talk double-dutch or Greek? Don't worry about it. More on that later.
This time of the morning, I am always trying to kick-start my brain with a cup of coffee which is always going cold because I am on the internet.

Here's my setup for the morning:

Morning Trade Setup: AUDUSD 5Min Bossilator Counter-Trend
Nice Bossilator reading. More than 1000 bars away from the SMA800. As I post this, AUDUSD touched down to a low of 9558 and was inching back up. (9970 - now). Looks like a good setup. I will need to wait for a stochastics cross at 80 and check risk/reward. Those green lines are previous highs from 1H and 4H charts. Why are they there? I just thought they might be useful as resistance lines.

Let me know if you take the trade.  Come on Aussie, Come On, Come On!