I start with the monthly chart to establish the flow in the market. I see a massive down move during Feb 2009 to July 2012, followed by retracemt that lasted till Jan 2014. Now the down trend is in play again.

Switching to the weekly chart, we seem to be at a good point to enter short. I am looking to sell 5 pips below Fri close with stop above that day's high.

Ichimoku supports this trade both on the daily and weekly charts with price being below the cloud. The Tenkan Sen however needs to cross below the Kijun Sen. See daily chart below.

Good Luck if you take this trade.

Views: 205

Comment by Oasis on February 9, 2015 at 1:35pm

Price gapped up so expecting the gap to close I took an additional early entry at 1.45495. This order is now 100 pips in profit while the sell stop has about 30 pips.

 

Comment by Pip Logic on February 10, 2015 at 12:28pm

nice work, I see it tagged your MA before the plunge 

Comment by Oasis on February 10, 2015 at 8:06pm

Hi Pip Logic, yes it did tag the 20EMA. I took off my extra position with 70 pips since I really just wanted to capture the gap with it. Since then its neither here not there, but this is a long term trade so not worried. We'll see what finally happens and how long will I be able to stay in it. Regards

Comment by Oasis on February 20, 2015 at 12:53pm

My trade triggered last night. Entry was moved up to be just below the low of the last 3 days. I am targetting 1.42200 area. I prefer this short instead of going long on AUDUSD.

Comment

You need to be a member of Forex Social Network to add comments!

Members

© 2019   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service