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=E3T8txw5bEM Zoom it one more time. There we are, getting into it. There’s the blue-shaded area. Again, we don’t want to buy it under that blue zone because the potential is for resistance and reversal. The only reason we would expect it to go up to the green zone is what? It would have to break through the blue zone, which it hasn’t done. So, if we’re going to trade it, if we’re going to buy it, let’s go with that first. If you’re going to buy it, it needs to break to the blue zone. Don’t do that right now. If you’re going to go short though, we’re approaching that level right now. Anywhere between 0.7675 and 0.7690. It’s not a very big zone. It’s very small actually, so we don’t have a lot of risk on the trade. It’s only about 15 pips between 0.7675 and 0.7690, right? So, there’s not a lot of risk. Your stop loss would go just above it. About where the red line is. Maybe a little bit higher to protect yourself in case the market goes up to the green zone. So, we have a fairly minimal risk and our potential reward. And I don’t think the orange zone is a good place to target, but if we do get the breakdown and it goes down to the purple zone or lower underneath that black box and that last low, we could have a significantly profitable trade back down into the lows even, all the way back down here towards 0.7500 and that low down here. So, again, I think it’s an interesting area for a potential short. Fibonacci from the high, down to low. High at the blue circle, down to our current low puts the .618 Fibonacci retracement level also in there. Right about 0.7685 is where that .618 fib sits, right inside the blue zone, so we have a backup there to tell us that that could be potential resistance. And again, look back to the left. We’ve seen this before. Off the green zone, resistance under the blue zone and a continuation lower. So, I’m looking for the short. Four-hour timeframe. Again, gives us somewhat of an opportunity to look for that into the blue-shaded area. We’ve seen it here. Look at this. Resistance here. Support here. So, again, we’re looking at this blue zone. We’re watching for evidence of reversal. Dipping its head into that blue zone and then falling off of it quickly and rapidly with an infusion of sell orders would be evidence of selling pressure into that blue zone. All of that would give us improved confidence that we’re looking for selling the blue zone, targeting the orange and of course better, the purple zone or lower for the AUDUSD, and our risk is just above the blue-shaded area for the day today. https://www.youtube.com/watch?v=E3T8txw5bEM 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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Duration: 7m 38s
Rating: 6