This made me sit-up! With so many contacts on both the lower and upward lines
of this downsloping wedge, I can't help but take notice of this development!
With the relative strength index also showing a divergenge to the price of the
Aussie, it makes sense to obliterate the news or fumdamentals as far as I'm
concerned, and go with the flow!
The next upswing should break-out of the wedge at around 69.90 and if it does
I am going to ride the trend with cautious stops moved progressively upwards
to protect my position.
A stop under the current price price at about 69.33 should protect this initial entry.
No less than 12 points of contact are currently showing on the lower trendline of the
wedge, ( this is almost unheard of in my experience), and 9 points of contact on the
upper trendline make this trade a no-brainer for me.
So I'm going long at 69.53
Disclaimer:
This is not trade advise! No liability will be accepted for your trading losses!
RaSantana's ideas or publications are meant for educational purposes only, and are
given in good faith! If you are unsure or have any doubts about your actions, you
should seek advise from an investment advisor!
It must be realised that I am a human and as such, even I can make mistakes! :)
Errors in judgememt and misinterpretations can and will occur, so trade at your own
risk!
I hope that you will find some of my ideas helpful & useful, and if you like them I
would encourage you to click the LIKE symbol.
Wishing you all the best of luck in your trading and investment activities!
of this downsloping wedge, I can't help but take notice of this development!
With the relative strength index also showing a divergenge to the price of the
Aussie, it makes sense to obliterate the news or fumdamentals as far as I'm
concerned, and go with the flow!
The next upswing should break-out of the wedge at around 69.90 and if it does
I am going to ride the trend with cautious stops moved progressively upwards
to protect my position.
A stop under the current price price at about 69.33 should protect this initial entry.
No less than 12 points of contact are currently showing on the lower trendline of the
wedge, ( this is almost unheard of in my experience), and 9 points of contact on the
upper trendline make this trade a no-brainer for me.
So I'm going long at 69.53
Disclaimer:
This is not trade advise! No liability will be accepted for your trading losses!
RaSantana's ideas or publications are meant for educational purposes only, and are
given in good faith! If you are unsure or have any doubts about your actions, you
should seek advise from an investment advisor!
It must be realised that I am a human and as such, even I can make mistakes! :)
Errors in judgememt and misinterpretations can and will occur, so trade at your own
risk!
I hope that you will find some of my ideas helpful & useful, and if you like them I
would encourage you to click the LIKE symbol.
Wishing you all the best of luck in your trading and investment activities!
