Thoughts of a trader.

Currently, I am long this pair. I don’t often blindly play support or resistance, but sometimes it’s just worth it. Trading is all about risk, and how much you are comfortable with. I am attaching the monthly chart of EUR/AUD, and showing the major bottom we are sitting at.

As you can see, this is what somebody could call a “no-brainer” trade. (As in his holiness “BillyRayValentine”, from the Forex Factory forums.) 1.55 has been such massive support, this certainly could be a long-term trade. In fact, it could very well turn out to be several trades. I have already gone long once, and will intend to do so every time it dips, as long as it stays above 1.55.

When you see set ups like this, it is time to think like Buffett, and “Buy when everyone else is fearful.” It could go against you, but honestly, how often do these chances pop up? If it breaks down, then we are a major short. Either way, you should know what to do once it makes it’s intentions known.