Down Down Under

Good Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = AUD : 60min Charts (Posted Below)

Long Term Trend = Down : Short Term Trend = Down

Hello everyone and thank you for staying with me this week, What a good week for all if you have been following the blog. If I can recap the week for you.

We started slow with the AUD having a bank holiday Monday, which gave us time to assess the chosen cross and review it's charts.

We highlighted 2 trend lines on the 240 chart which gave us a decreasing triangle coming to its squeeze. From here we dropped a time frame to 60mins looking for a BOB which delivered with the trend at 1900hrs Wed. We then used ESLT to enter the trade.

If your stop was not too tight you may well be STILL in this trade as I write the blog. Today we have dropped 218 pips till now 0130hrs. If you are still in the trade please manage it accordingly.

Since the BOB, we have passed through the retail index and followed a uniformed parallel trend with one pull back before continuing down in the current parallel trend.

We also spent some time recapping on "Stochastic s" as an indicator in some detail. If you were to draw a vertical line from "Stochastic s line crossover" to "price" you would see how stochastic s works for you.

I wish you all a great weekend, and with the weather forecast as snow and freezing conditions, it may be warmer with Javid & Anne in Iceland.

Enjoy, speak to you Sunday.

















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst