Entries for this trade are at these fibs level 38.20,61.80 and the 78.60 if it gets that high
stops are all set the 100 fib level: 110.828
Targets are all set to different fibs.
Question is where do you think it will turn or will it turn?
Audusd is looking to re-test the 0.70821 level.I don't see this pair being long for long.
But the stoch and the rsi are showing bearish divergence.
I entered the trade at the 3.82 fib level hoping to take profits at the -27.20 level.
If market make it 0.70821 ill tighten stops.
I use this to give me an idea how the dollar compares to other pairs and here is why I was bearish:
Long bearish wicks of failed attempts to higher at this point.
Large candle crossing ema and heading to my trending ema the 55 ema
Large candle close with no lower wick showing the weight of the candle
My bias yesterday for this pair was bullish but now its changed to bearish and here is why:
The trend of the market is bearish as that's clear to see.
The market has rejected the 55 ema my trend indicator
stoch is above 60 but its started to curl and point down so that's a indication we might be going bearish
Large bearish pin bar allowing me to take the...
The reasons why I have a bearish bias on this pair is because of the following:
The market has first crossed the ema's and heading towards my trending ema the 55 ema so I see this trade as a counter trend trade.
The market has as made a large bearish pin bar that I'm going to use to enter the market to minimize losses and maximise profit.
Stoch is under 30's...
As the market has pushed down and broken the most previous support level I'm predicting trend continuation from this pair.
So how I plan to enter this trade is hopefully the market will retrace a little bit higher towards the broken support level that will now become resistance. Ill place a sell pending order at the 0.236 fib level with stops at the 0.5 fib...
Trailing Stops should you do it Yes or No?
My answer is yes and no, because everything you do in trading should be tested!! Before you trade a dime. You should have a good idea how your trading plan and strategy is going to perform and what the humps in the road look like so you don't bail on your plan when its going through a rough patch.
Now I TRAIL my stops,...
EURUSD is approaching an area where we could see some weakness in the market.
4hr timeframe Ive marked out an area where the market has touched the daily resistance level and been rejected.
Now the market will either break through or reverse. We also have divergence on the RSI tilting my bias to the short side a little bit more.
But EMA's are under the price...