AUDNZD, my best and loyal friend TREND CHANNEL
Two months ago in very early Oct, i noticed that this pair was trapped in accelerated down trend channel.
At the time of my post i circled a potential zone for short if this channel is valid, well i hope you noticed it too!!!
I am a position part-time trader in stock, options, futures and forex. As i am holding a full time low pay job, i will only hold a major position when price is either at resistance or support.
Holding forex position overnight or longer could have a disastrous effect if the market go against me which i have had one terrible experience before. But this does not deter me to do it again. And i do not wait for confirmation most of the time.
I average my shorts position around 1.12751 and once the price is rejected by 20 month ema, i know i am in safe hand.
As you can see the steepness of this downtrend, price pummelled in two months until the all time support of around 1.05 which i have exited fully and about to turn long!
At the time of my post i circled a potential zone for short if this channel is valid, well i hope you noticed it too!!!
I am a position part-time trader in stock, options, futures and forex. As i am holding a full time low pay job, i will only hold a major position when price is either at resistance or support.
Holding forex position overnight or longer could have a disastrous effect if the market go against me which i have had one terrible experience before. But this does not deter me to do it again. And i do not wait for confirmation most of the time.
I average my shorts position around 1.12751 and once the price is rejected by 20 month ema, i know i am in safe hand.
As you can see the steepness of this downtrend, price pummelled in two months until the all time support of around 1.05 which i have exited fully and about to turn long!
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