Aussie Break Down or Up ? Short

Australian Dollar/U.S. DollarFXCM

Description

⋅ Apr 9, 2015 11:27 PM

After a massive decline from 90+ we now find us in the 4th or 5th wave consolidation

I believe and so does the RBA that we have more downward movement yet to come

Regardless we have a nice Rising wedge/ Ending Diag forming

I see 2 entrys if we retouch the top of the trend I will short with a tight SL as it will tell me we will break the other way

Or wait for it to break under the trendline (lower risk) as with ending diags/rising wedges ..expect a retrace to the origin for a good 90 point move

Ending Diagonal

Comments

JustinScott

⋅ Apr 10, 2015 9:50 PM

This is working out nicely ty ;)

joehlmann

⋅ Apr 10, 2015 2:34 AM

Could it break higher ?

DigitalCurrencyTraders

⋅ Apr 10, 2015 12:27 AM

Awesome chart. Up a wee bit from here but generally a market setup I wouldn't be trading.

mustard

⋅ Apr 10, 2015 12:09 AM

So your recommendation is what?

YipYip

⋅ Apr 10, 2015 12:25 AM

The safest trade would wait for the break under the trendline ..A more aggressive will be to short the next cycle top (im more aggressive ) ;)