Targets #1-5 have all been pierced so let's see if we can get inside Take Profit Target Zones #6, #7 and #8 (Bonus Target Zone). I have entered numerous positions on this downtrend and I have had a few losses along the way. But the winners have definitely covered the losers. Keep in mind that at each Target Zone I closed out multiple positions.
My only regret on this amazing downtrend was on the day of March 01, 2016 (the red highlighted candle) when I closed out my positions too soon only to later watch it drop 250+ pips! At the time I underestimated the strength of the AUD. So yeah, that was the day that I missed a great opportunity to grab many pips, but in the end it's all good :)
At the moment we are in a slight consolidation phase and we're going to need a lot of strength on the AUD to break through the lower levels of Support because EUR has been fighting back. The real question now is, "Does this Aussie train have enough steam for one or two more strong pushes to the downside?"
Right now as we speak, Target #6 is a 390+ pip trade while Target #7 is about 600 pips.
On a side note:
EURCAD
is moving almost in the same fashion as this pair is.
My only regret on this amazing downtrend was on the day of March 01, 2016 (the red highlighted candle) when I closed out my positions too soon only to later watch it drop 250+ pips! At the time I underestimated the strength of the AUD. So yeah, that was the day that I missed a great opportunity to grab many pips, but in the end it's all good :)
At the moment we are in a slight consolidation phase and we're going to need a lot of strength on the AUD to break through the lower levels of Support because EUR has been fighting back. The real question now is, "Does this Aussie train have enough steam for one or two more strong pushes to the downside?"
Right now as we speak, Target #6 is a 390+ pip trade while Target #7 is about 600 pips.
On a side note:
EURCAD
is moving almost in the same fashion as this pair is.