AUDUSD has faced multiple rejections at 0.7245 and has once again risen to that level and failed. TP: 0.7222 SL: 0.7255
Comentarios
CFDTradingo
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Or that it has tried 3 times to break up and will probably eventually succeed.
raegenius
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Yes...you can never truly know but I'm inclined to go the direction of the long term trend.
CFDTradingo
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I would agree with that also but everything I have been reading and recent experience suggests that the aud will have a reasonable rally up to Jan so I'm hoping that it will come up and tap the top of the ascending triangle just under .74. If it gets there I'm putting in some long term shorts for sure. Personally I do think it is possible it could even go higher than that though in the short term.
Recently I got caught out shorting the dollar where it had tapped the top 3 times and only after that did I realise it was actually just setting up for a big push up. I feel this has a similar look about it.
CFDTradingo
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When I say up to Jan I actually mean right into Jan to almost Feb. Hopium is a powerful drug!
raegenius
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First of all this trade didn't work out, it was meant to be a short intra-day trade. The setup that you are making reference to is more long term and yes I can see by the given trend channel the price brushing close to 0.74 (top of channel). I will join you then!
raegenius
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Oh by the way, didn't work out because TP fell short by 3 pips!