Wednesday, May 16, 2012

$AUDUSD short at 0.9945

Short AUDUSD at 0.9945, with stop at 0.9970. 

The chart to the right is a 60 min timeframe, in order to show the origination of the trendline. 

It looks like a bottoming formation is setting up (higher pivot low) so it doesn't look like it may run far. 

But if it breaks under the lower trendline of the triangle, it might have a shot at retesting the lows around 0.9870.  So I view this as a potential 3R trade, not a big runner.

No comments: