Trading Analysis based purely on Price Action as taught by Nial Fuller at www.learntotradethemarket.com. All I post here are setups which i see fit to trade win or lose.
Monday, 3 February 2014
AUD/USD Analysis
Having another go at this after being stopped out earlier. Another bearish pinbar candle on the daily timeframe. 4 hour chart shows a big bearish candle at the top of a trading range.
previous resistance 8825 is now support, Trend is down, Moving averages diverging, pinbar candle created within the moving averages, weekly and monthly charts bearish, AUD bearish on other charts too. Order to go SHORT as per below:
STOP: 8838
ENTRY: 8785
LIMIT: 8626
RISK/REWARD: 4/1
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