It's been a good ride for the ASX200, they've been licking the punch bowl dry down-under. But based on how I see the economic narrative evolving both Internationally and Domestically and the subsequent realizations that will likely weave their way into imaginations, I am bearish and hunting for good short entry points.
As per my previous suggestion, AUDUSD has pulled back. Longer term I am an AUD Bear. But for a short term swing this area may work on the lons side.
Based on what I am currently looking at:
1) Oscillators Exhausted and Divergent
2) Price within UpTrend Buy Zone (Lower Bound Rising Channel)
3) Price Holding Previous Weeks Low
4) Price Completed AB=CD Pullback...
Disclosure: RM Long. Price not disclosed. Entered on 08Sept17.
Shorts being squeezed. Seems a crowded USD bear trade with stretched indicators and price at important price zone. Already added 25% original size in 36hr consolidating flag breakout. Looking to build into this again if opportunity presents, conscience not to damage the R:R profile of the original...
Disclosure: 2 x RM Long Positions. Prices not revealed to Public.
I like long EURNOK and am putting my money where my mouse is.
What I see:
(1) Break-Out above Upper-Bound of Falling Weekly Channel.
(2) Successful Back-Test & Continuation of (1) @ 9.22 level and 50% Fib Retracement of (1).
Why I like the Trade:
(A) Price Action: Strong Daily bounce at (2);...
(A) Successful breakout above Upper-Band of Negative Monthly Channel Trend.
(B) Break-Out above and successful back-test of 77 Week Wedge S/R Level at 0.7835.
Aggressive Bulls are currently looking at (B) and weighing up a 2R:R or better on Longs here if 0.7835 back-test holds.
I'm more cautious getting long AUD here and am presently long USD Index. So, I am...
