The AU200 have reached records highs that have not been seen since November 2007 with a major Monthly Resistance Area broken through like a hot knife through warm butter. On the H2 timeline we are starting to see a clear correction emerging.
The Linear Regression Support line have been broken and now serves as the new H2 resistance line, we still expect the AU200 to continue on its Monthly Bullish trend but we are simply trading a minor correction on a smaller time frame.
The AU200 have been one of my favorite trades for many years simply because of its slow moving trends that is easily identifiable.
Here is just a quick overview of what the AU200 is: The main index (S&P/ASX 200 Index) of the Australian Securities Exchange is calculated on the basis of stock prices of 200 largest companies, traded on this Exchange. Overall, stocks of more than 2000 companies are traded on the Australian Exchange. The stocks, included in the index, provide the largest part of the turnover and well reflect the overall state of the Australian Securities Exchange. In IFC Markets this index is presented as a synthetic continuous (without expiration) instrument.
Entry: As indicated on chart, find you best entry point on the H1 and M30 chart. The Linear Regression Channel has already given you and entry point simply fine tune it on the H1 and M30 chart
Take Profit: As indicated on chart
Stop Loss: As indicated on chart
Good Luck – Trade Responsible Use 1% risk per Position! Always strive to continuously improve your trading strategy and knowledge
Comment
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On track TP 1 reached now for TP 2 and 3
Trade closed: stop reached
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Trade turned and got stopped out, at least a fair amount of profit on this one with TP 1 reached and trailing SL that was in the money
@Cool_Canadian, well the "ailed prediction" made me real money on the TP1 profit take and on the trailing SL, please go ahead and do an analysis to show us how to do it better