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Trading High and Low Situations Part 2
AdamFx42 Posted 19 June in #Pips #Analysis #Indicators #Fibonacci #High #Low #Entering #Succeeding21/38
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Trading High and Low Situations part 2 Part 2: The TradeOnce you are satisfied with your analysis it is time to enter the market, and take your pips out.You know where the pair should be going, but before it hits your target a lot may happen.The short-term news, the immidiate direction of the pair may all interfere with your preferred entry point,so where do we enter.lets pull down our chart to four hours: As we can see, AUD/USD has already hit the 23.6% Fibonacci level resistance from the latest move down as seen on the weekly chart and is retracing slightly from that.The MACD indicator suggests that the pair is bullish, but Volumes are low. so there seems to be no real attempt at breaking this level at the moment.This may indicate that there is no buying interest of this pair at the moment, so we probably should wait and see what will happen over the course of the next day or two.If volumes increase and the pair will head up it will tell us that the pair will attempt to make an upwards brakeoutIf volumes increase and the pair pushes lower this will indicate that it will want to retest our support level on the monthly and weekly charts around 0.955 -- in this case we should wait …
