J_Graystone

AUDUSD Counter Trend Trading Opportunity at Previous Resistance

FX:AUDUSD   Australian Dollar/U.S. Dollar
1255 8 26
We can see that yesterday, this market pushed up to a major level of previous structure resistance on the higher time frame.

As we got to that level, the RSI went over bought.
we put in this nice double top formation showing bearish divergence on the RSI as well.

There is a nice opportunity at market to get involved with a good risk reward counter trend trade looking for targets at a 382 retracement and previous structure.

for those of you who are more conservative, you may be waiting for a 2618 trade set up.

Either way we have NFP coming out today so you want to be aware of that.

We will be looking at this more in the London live room this morning.

If you are interested in this style of trading or would like to see what it really takes to be independently, consistently profitable, then go over to http://tradeempowered.com/london-live-room/ and come into my live room for a week for FREE to watch me trade live.

http://tradeempowered.co.uk/
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Comment: Also a Butterfly completion, a Gartley completion on the higher time frames, lots of Fibonacci confluence in that zone, a couple of AB=CD formation completions and major structure.
Double top with RSI bearish divergence
Worse thing is you get stopped out for your calculated risk exposure..... with perhaps some slippage. At least that should be the worse thing. If it's not, stop trading now.
+1 Reply
Exactly!
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whats the worse thing that can happpen to AUDUSD from the NFP report? im short, but um strting to worry now. still new into trading...
+1 Reply
I am short too... thnx
+1 Reply
Nice
Reply
nice one opened at .73791 sl 1/3=.74050 and 2/3 at .741 :), thanks would have missed this
+1 Reply
J_Graystone PRO PeterHansen
No Worries
Reply
Also a Butterfly completion, a Gartley completion on the higher time frames, lots of Fibonacci confluence in that zone, a couple of AB=CD formation completions and major structure.
Double top with RSI bearish divergence
Reply
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