Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis
You can see throughout the past few weeks we have been in a steady down trend, price seems like it may have bottomed out recently and tried to make a huge push to the up side. After price has fallen back down from this failed attempt I am now looking for a possible short swing position. I am going to wait for confirmation on lower time frames before actually entering this trade.
Hourly Analysis
Now on the hourly price has been moving further and further down but does not really have much momentum in either direction at the moment. If you look at the second screen shot provided down below, you can see the rectangle, this is not a zone of any kind but this will be our entry if we do get into this trade. I would want price to break below our marked out black line, if it does break through this zone that has already held its position pretty well, with a break of the low I think price will continue to the downside and this could potentially be a really good short term swing position.
Risk Management
Remember trading while it can be a short term game for many people, I am taking a slow approach to the market and really trying to build my account slowly over time, I am going to be risking one percent of my total capital each and every trade unless I am take two correlating trades. If I am taking two AUD trades this week I would want to minimize my risk by spliting my positions in both trades so I would be risking half a percent on each with a one percent risk overall.
Thanks again,
KeySlot
Daily Analysis
You can see throughout the past few weeks we have been in a steady down trend, price seems like it may have bottomed out recently and tried to make a huge push to the up side. After price has fallen back down from this failed attempt I am now looking for a possible short swing position. I am going to wait for confirmation on lower time frames before actually entering this trade.
Hourly Analysis
Now on the hourly price has been moving further and further down but does not really have much momentum in either direction at the moment. If you look at the second screen shot provided down below, you can see the rectangle, this is not a zone of any kind but this will be our entry if we do get into this trade. I would want price to break below our marked out black line, if it does break through this zone that has already held its position pretty well, with a break of the low I think price will continue to the downside and this could potentially be a really good short term swing position.
Risk Management
Remember trading while it can be a short term game for many people, I am taking a slow approach to the market and really trying to build my account slowly over time, I am going to be risking one percent of my total capital each and every trade unless I am take two correlating trades. If I am taking two AUD trades this week I would want to minimize my risk by spliting my positions in both trades so I would be risking half a percent on each with a one percent risk overall.
Thanks again,
KeySlot