4 HOUR Bullish market need to find an end now, prices way to high.
DAILY Bullish run without pullbacks at strong resistance zone now.
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FOREX SETUP SELL AUDNZD ENTRY @ 1.08160 SL @ 1.08760 (60 Pips) TP @ 1.07140 (100 Pips) RR: 1.70 Use 1%-2% risk per Position! (Remember to add a few pips to all levels - different Brokers!)
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I agree with everyone! It is waaaaaay overbought and needing a correction but the moderate slope of the rise combined with ongoing, though dropping, momentum makes for a risky shorter term short trade since the highs rarely end up where you expect them to be on this style of rally. This type of rise frequently busts through good resistance trend lines for another pop up then drops. My thoughts are that it is shortable, but only with a longer term swing trade knowing that you will likely have to lose money for a while to pay the cost of the entry. To be safe, look for a minor pull back at least, some divergence on the next pop up or ideally wait for the 3rd and very weak usually final wave, then catch a good 4 or 5 day down turn and make some serious pips. Patience is everything.
I always like what you guys are doing. But on this one strong momentum seems to be the play of the day, just cleared 1.08 after a daily pause. Next resistance doesn't come until 1.0867, I think I'll wait and see what happens there. Thanks for the possible idea.