The monthly chart is clearly showing an uptrend that has reversed from years of decline. The weekly is showing this in much clearer detail. As of now price sits at the resistance area from the rally from the start of the year. Should price consolidate from here and then push higher breaking the thing yellow box, I am expecting a price target of around 2.1300. On...
AUD/USD is sitting on a major reversal spot. According to the theory there is a 80% chance of this pattern playing out. Importantly there is both time and price symmetry in this pattern. From a market psychology point, this is the ultimate contrarian trade: China stock market got sold off, so the press says that has led to a AUD sell-off, Bloomberg article says...
Seeing the way the MACD and MFI is acting, I would say there is significant risk to the downside. However if you are already long from the recent low, then I would probably look for a continuation of the more obvious trend Could we see a retest of the recent large red candles midpoint? Possibly. And then either re-enter the bearish channel or chug through the...
Well defined stop loss with a high prob chance for good profit imo
I mentioned some points where I make my adjustments. I mean how I manage my position with tiers. When it is trending or regaining power I add to my core position but when momentum is slowing down (price drops below short term moving averages) I lighten up. Check out my recent idea "cup and handle" to figure out my thoughts.