EURO AUSSIE

Hello Forex traders,

I hope you are all well after your festive break , and are now eager to put your trading skills to good use for 2009. I must apologise for not posting yesterday evening , but I was travelling home from having had a mentoring course from Javid and only arrived late due to the bad conditions on the motorways.

So , as now we can hopefully get back to normality with the markets our trading can once again start in earnest.

The first chart of 2009 I want to show is the EURAUD on the 4 hour timeframe which could be about to head upwards. As I am writing it stands at a previous support zone with a possible candle formation on this and differing timeframes , and there are also several other confluence of events for you Dynamic traders to find ranging right across your training curriculum not least divergence in the OS RSI on a lower timeframe as well as the OS RSI on this chart below, it also stands at the MOB in Advanced Get.
Plenty of confluences are present including a fib. ret. and ext. cluster and proximity to the RN , there are more but you can have your fun in finding them.

Remember to only enter when your rules allow it , and if entered manage your trades well in accordance with your plan , and be sure to look at the news items for tomorrow.

As always , please do your own analysis , and enjoy your trading .

Charts courtesy of TradeStation

Hoping you have a great day,

Clayton Farnworth.