Good Morning Dynamic Traders
"Better to have tried and failed, than not tried at all"
Cross = AUD : 240 Chart (Posted Below)
Long Term Trend = Down : Short Term Trend = Down
I would like to thank all of you reading this blog, for the kind words recieved with regards your appreciation in its content. The 4 bloggers all have their own styles, which gives a wider picture on the markets. It is good to hear feedback as it makes our commitment to the blogs more worthwhile. Why else would I be typing at 0230hrs.
Last night we looked at Stochastics in some details and I hope you all had time to take that in. We also mentioned that confleunce was to go up and todays bar harvested 150 pips. Well done to those that followed the blog and carried out their own analysis.
Tonight I have dropped a timeframe to give you a different view on the stochastics indicator. You will see as I write the fast line has crossed above the signal line, pointing towards more strenght to the bullish side.
Remember that the trend is down and we have had 4 lower lows since 13th January. To trade against the trend is not recommended especialy if you are still learning.
MACD and RSI are bullish, however we do have the retail index not far above us (around 100pips) which will act as resistance.
I have drawn two trend lines on the chart where you can see the price squeeze is running out of space and a possible BOB may trigger later.
We have key news for the USD and the NZD today.
Courtesy of Advanced Get / E Signal
Trade with Passion