Hi Basil, thank you very much for your kind words. Indeed, if I find myself around Waterford I will certainly call in, Curraghmore looks spectacular.
Yes, if we keep focus on the long term charts we are giving ourselves the chance of participating in a large, protracted move. But we want to do so with exposing ourselves to the smallest risk possible. Measure reward on the long timeframe and risk on the short timeframe. For someone who has less time to spend on the charts, combining the weekly/monthly timeframe with perhaps the 4 hour or even daily charts, would be ideal.
As far as EUR/AUD is concerned, well it was looking very promising early on in the week, as it was falling sharply. However Bernanke managed to reverse trends across a lot of markets and EUR/AUD was not exempt. The move in EUR/USD in particular was astonishing.
The weekly candle on EUR/AUD, as Basil says, finished as a bullish one, closing near the highs. It does have a long wick to the downside however, which indicates indecision. Although I still think that EUR/AUD is a good candidate for a fall soon, I would prefer to see more evidence of a reversal on the weekly timeframe first, before trying to short it.
Good luck for the coming week.
