Tuesday, March 20, 2012

AUD/JPY - Short trade


I've entered a new short trade on ADU/JPY this morning.   There is divergence between price and indicator on the daily chart and I've taken my entry set up on the 4H chart which has just broken down through a rising wedge.   I've entered on a retest of the underside of the wedge.
The 4H chart shows macd not supporting the price rise and the price action is showing a rounded top formation.   One area of concern is the previous resistance level just below my entry which may become support.   This may prove that I should have waited to enter below this level...I will have to wait and see.   My stop order and first target limit order are in place in accordance with my money management strategy.

No comments:

Post a Comment