Market has formed a reversal at 1.2586 on 24/8/2010 (Tuesday) and closed at 1.2760 on Friday.
Since I have missed the entry during reversal, I only plan to enter intraday trades with tight risk management.
If you zoom into 30 mins chart, you can see a divergence and hopefully the market can come down to 1.2680 region for my Long entry. I do not want to short as I feel insecure to trade counter trend now.
My Trading Plan:
- Long at 1.2680-650 (Fibo retracement),
SL 1.2600 (Current Support), TG: 1.2900
- Intraday Long at 1.2626 (Fibo Range),
SL 1.2586 (-40 pips), TG 1.2800.
The correction from the top of 1.5997 is not significant, in fact, I am waiting for this pair to come to 1.5100 region.
Strong Reversal spotted at 1.5370.From Weekly and Daily Chart, we can see that this pair has formed a reversal signal, you can also see a pincer bottom at 4 Hour Chart.
Trading Plan for Intraday only:
- Intraday Long 1.5400
SL 1.5370 (-30 pips), TG 1.5590 (+190)
- Intraday Short 1.5599
SL 1.5620 (-21 pips), TG 1.5450 (+149).
AUD/USD made a strong bounce up and close at 0.8986 on Friday, biggest gain this month.
Strong Resistance: 0.9080
Strong Support: 0.8770
My Trading Plan for coming week:
- Short 0.9020
SL 0.9050, TG 0.8870.
- Long 0.8870
SL 0.8840, TG 0.8990