still_waters
Short

Short . Bear Strength in Action

FX:AUDUSD   Australian Dollar/U.S. Dollar
When you see consecutive bear bars forming, that is a sign of bear trend strength. it happened twice, the velocity of this bear leg today is much stronger in relation to the previous bull channel up. This means the dollar, for whatever reason (I'm no fundamental analyst) is being bought and is become very strong. Therefore, since we are in a strong bear close this friday, I would only be looking to short. Yes, the RSI is very oversold, but it's better to look to sell on next weeks open than to be buying against a very strong trend. If a strong bull signal bar forms, than maybe you could buy for a small 1:1 scalp, but beware of sellers looking to short the pullbacks.

GL, I will update in the comments section as things unfold.
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