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pipinsight
Apr 27, 2017 7:26 PM

AU: Short on poor coal demand Short

FX:AUDUSD15
Australian Dollar/U.S. DollarFXCM

Description

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"Universe above" is a down trend. Australia's major export is coal which is on it's way out. USD with Trumps' tax reform means a stronger economy. How much stronger, the chart will tell without you having to do research.

Enter a short at the 78% fib (.7477) and keep moving your stop loss down but initial targets are .744.
Comments
pipinsight
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Volume still low so still risky to enter short. potential pop back up to trend line to touch it (if you REALLY want to get every penny)
pipinsight
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Double top. Indicator of exhaustion. Time to sell.
pipinsight
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Keep watching it. Could continue down from the trend line or become a cup and handle which is continuation up. If the latter, either loosen your stop loss to the other trend line or close and look to enter again at the other trend line (stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:cup_with_handle_continuation)
pipinsight
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Just missed the entry point but may pop up to the trend line and then down so enter now or wait and see
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