Trading Forex - Forex Update: Selling AUDUSD at Potential Reversal Point



To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=79Y7sS3szY0 So, that blue zone is clearly a resistance. We know it’s resistance. It’s fact that it’s resistance, so that becomes a potential resistance and reversal point at the top of the trend. Remember that old trading motto: buy low, sell high. If you’re at the top of the trend, if you’re at the highest peak high of the trend, which we’re very near it right now, then it’s not a great place to go long. If you’re going to buy anything, doesn’t matter what you’re buying. You want to buy it at a lower price. So, buying right now, going long right now just doesn’t seem like a logical situation for the AUDUSD. We’ve already now, today even, pushed underneath the blue trend line. Today is really the first candle to open underneath that blue trend line, and what I mean by that is if we’re connecting the blue trend line with the low down here at the bottom of the chart, the low right before the highest high is the last low before the end of the uptrend, and now we’re sitting underneath that blue trend line. So, that gives us, again, a clue to resistance underneath that blue trend line. Let’s go ahead and take this down to the four-hour timeframe. And as we began looking at in the Trade Room over the past few days, again, there’s that blue-shaded area. We saw the challenge above, support on top, came back, and then sitting underneath it. We’ve been looking at this blue zone as a potential resistance point and a point of reversal. Take a look at our last four-hour candle. Big spike above it. Unable to stay above the 0.7700-level. Significant reversal. An infusion of sell orders and now we see the market pushing lower. Yesterday, actually in the Trade Room, we placed a pending order here. 0.7685 inside the blue-shaded area. Had to endure a little bit of a push above it, but it was fairly safe. Again, the push above our entry at 0.7685 only went about 25, 26 pips. So, if you put a 30-pip stop loss on it, which is what I put on it, you were fairly safe. It came very close, but fairly safe on it and now it’s coming back down into profit. If you’re not in the trade, I still look at this blue zone between 0.7680 and 0.7695 as the point of resistance and reversal. We’re going look for it to find resistance here, stay within and underneath the blue trend line and blue-shaded area. The risk of course is that it breaks above it, so we don’t want it to get above the blue-shaded area. We’ll target our first level of support, which is clearly the orange zone. You could see that right here. A breakdown of the orange zone, which it has not done since getting back above it over here. You see it over here. It got back above it. It’s been sitting on the orange zone. So, if it breaks underneath it, there’s a better change. The probability increases that it’s going to go down here towards the 0.7600, 0.7605 or so level. We might move that up a little bit when we get in the Trade Room, towards 0.7506, but definitely looking towards the purple-shaded area as our next potential target, breaking through the orange zone on reversal for the AUDUSD. https://www.youtube.com/watch?v=79Y7sS3szY0 Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.

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