Aussie Short Plays out Like the Textbook Said it Would and STEEM Sets Up for a Bounce Trade
Hey guys,
I want to apologise for not having a lot of new content to pump out on today’s blog, but when I manage to jag these textbook setups right at the start of the week, I’m happy to just ride them.
Hopefully you got on yesterday’s AUD/USD textbook short trade and are joining me on this beautiful slippery-dip ride back to the ground.
Weeee! 😂
Forex Markets
As I said above, I’m just happy to be riding this Aussie short and don’t want to cast my net too wide right now. So just a quick update on what I said yesterday and how the trade is unfolding:
Starting off with some Monday morning, forex market bread and butter trade to go with my Vegemite toast. This is a @forexbrokr textbook setup that just seems to work over and over for me. Find these types of setups that work for you and you won’t be able to even glance at a chart without one jumping off the screen at you.
So remember at the end of last week we had some AUD/USD shorts unfolding around this higher time frame zone?
AUD/USD Daily
Well it looks like they’ve unfolded nicely on the intraday chart and I’m ready to smash it:
AUD/USD Hourly
AUD/USD Hourly Updated
Textbook outcome, on a textbook trade. 😎
Now we’ve got that drop out of multiple levels of resistance and some momentum behind it again, I’m holding my position and will be happy to add into it on any further retests of short term previous support as resistance.
Cryptocurrency Markets
While im doing updates, STEEM has also just pulled back into a really interesting daily zone which is getting me a little excited.
It’s the same setup as the Aussie Dollar trade above, with the STEEM price holding higher time frame support and then pulling back into a daily level, before an hourly confirmation gets us in the trade.
STEEM/USD Daily
Well, we’re only up the the daily zone, but already on the hourly, you can see that we’re forming this nice short term support base that we can look for an entry off of, if it does in fact bounce here:
STEEM/USD Hourly
Wouldn’t it just be perfect if Ned dropped a news release bombshell on the market? I do talk a lot about markets setting up from a technical point of view, just before big fundamentals change the game.
This one feels like this... it’s coming.
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
Nice post and analysis. I was suprised to see aud/usd chart on steemit! Im from aus! ;)
It’s one of the forex majors with the highest trading volume. It’s not just us Aussies who are trading it.
😎.
Nicely done. AUDUSD is an old favorite of mine. Haven't traded it in quite some time since modifying my trading plan though.
I just focus on the forex majors in my trading. I like the personality that the USD pairs have. They work for me and I guess that’s all that matters in trading.
Why the change away from the Aussie with you? I’d love to hear more about your strategy in a blog post if you’ve got time?
I like to stick to 1-2 pairs and look for the same moves every day, typically the session opens. All you need is 1 winning trade per day and statistically I did better with UJ/GJ and they move well at the opens. I'll eventually get in to things more after some posts :)
Awesome man, I look forward to seeing more.
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There will be a lot of interesting!
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