aN00bis_FX
Short

AUDNZD - A Simple Bearish Setup

FX:AUDUSD   Australian Dollar/U.S. Dollar
104 0 0
This is a very simple setup that I notice.

WHAT I SAW
1. A strong historical Resistance Line @ 1.0755.
- It has been tested multiple times in the past.
- Again tested twice recently (previous week) <-- Which is for me a pretty good & fresh data
- It is a psychological number

2. An inside bar (Last Bar)

3. Major Trend is Bearish

WHAT I'LL DO
1. Create an alert @ 1.0755
2. Wait for new bar to complete, who knows a "Dark Cloud Cover" might emerge since the next bar is a start of a new week.
3. Place a SELL STOP @1.0730 (and perhaps a buy stop as well @1.0930 - Previous High)
-OR-
3. Place a SELL STOP @1.0730 and BUY STOP @ 1.0770 if the alert got triggered.

NOTES: This is an idea from a fresh and inexperienced trader, I am highly grateful for any comments and critics. Thank you.

UPDATE (11/12/2014) - SELL STOP @ 1.0730 was triggered and profit. :-)
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out