Fading the correction of the down trend. Huge risk to reward. 11 - 1 . Risking $100 to win 1100 is good risk management. I might get stopped out, but i only need a few of theese to win som serious money :)
Hello everyone!
The AUD /USD is in a clear downtrend on multiple timeframes. The minor trend against the major down trend I belive will soon end and the downward move will resume.
The Daily chart shows a shift in the trend when the market hits a resitance level three times and then break out over the "neckline". This has probably started a new up - trend for the dollar.
On shorter timeframe we can see a channel forming. Waiting for the price to bounce of the channel and resume the uptrend.
I think the price action will bounce of the trend and fibobacci resistance. Strong trend down in long term. More often than not trends tend to continue rather than reverse itself.
GBP /JPY has had a nice correction against the long term trend, and has just come into some resistance. I belive this resistance will either drive the price down to new lows, or break out and maybe reverse the trend. Either way there are some pips to be made :)
Here we have a correction against the major down trend and it hits resistance from trendline and fibonacci level 0,786 ( an important leven for currency pairs.
I belive we have a short opportunity, unless the price action breaks out and dont fall down again.
