david.cummins.581
Short

Short if Resistance is broken

FX_IDC:AUDGBP   AUSTRALIAN DOLLAR / POUND STERLING
It is starting to look as if the bears are starting to take control in this pair. We have a shooting star 2 days prior followed by a rather large bearish candle. Im reluctant to call this a bearish engulfing pattern there isn't really a well defined prior trend. The most important thing to notice on this trade is that we are coming up to a minor resistance level. The trade should only be executed if there is a close below this. However i do believe that the bears will smash through this level. I have my price target set at 0.5000. My stop is set based of the 4hr chart. The price gapped down from 0.5121 to 0.5106. Therefore i have my stop at 0.5121 as windows provide great support and resistance . However please remember DO NOT PLACE TRADE UNLESS THERE IS A CLOSE BELOW RESISTANCE.
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