As AUDUSD is channeling before heading lower, let's trade two contracts to targets. You can see that there is a minor structure level that aligns with the D completion point. Stops will go just a touch above the 0.75 even handle, for added protection, without negatively impacting with the risk/reward ratio too much.
Looking at recent price action it's clear enough that the important support at .7600 has been taken over by the sellers; now the pair is breathing into what could turn out to be a bearish flag or pennant. Honestly I don't think it will make it back to .7600, but should it make it I'll be ready to sell, finding further confirmation with the bearish BAT completing...
While keeping the chart info to a minimum, the 7600 support was held since March but has now been broken. Range Targets also tie in with previous key levels from 2006 and 2009! 71400 bound I think for this pair for ow.
This is the follow through coming off from both the higher time-frames (Monthly n Weekly) which clearly indicates a downtrend. Because of this, I am anticipating a further sell off while using the Daily chart to set the target.
Here we got a potential setup with the infamous Cypher pattern at a pretty good resistance level to go short, it still got a very long way to go, but China and Greek news can move this price action very quickly so be aware of some oversold RSI and then watch price action around out entry when we get that far.
With the China news out and the hole Greece deal going...
While we all know Aussie to be weak fundamentally, the technicals were not getting aligned. It was consolidating much part of this week around 7700 levels. Well on a friday, it decided to break down this level. We look to Short AUDUSD on a retest to 7680 - 7700 levels. SL will be 7785. We prefer a bigger stoploss for the trade to get enough breathing space. ...
boafx.co.uk - The fundamentals for the AUD/USD do suggest that we should see further downside, however the USD data that comes in better than expected is not having the desired effect on the markets hence the reason for this double trade set up. Notice that the trades are 3:1 risk reward ratio so even if one triggers on a fake breakout but then full fills the...
Here we got yet another of our simple patterns, going short on yet another trend continuation trade, look out for RSI is going oversold - so watch price action from now on. Price action made a double bottom so we are looking to catch a retracement and there for only got 1 target.
If you have been following me and have followed our track record of now 631 pips...
The requirement for a gartley pattern is a 0.618 retracement of point B and 0.786 (0.7855) retracement of XA for entry point. BC projection should be either 1.272 or 1.618 which in this is 1.272 (0.7876)
Previous structure is crucial
Here we got the Aussie that went down to major Support several times, marked in circle the last hit. Here we got a big retracement with a double top, where we hope to capture a new downmove down to the major support on this Cypher pattern. Watch out for the RSI to move in to overbought condition also.
Remember this is kind of a counter trend move, at lease on the...
