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Morning All,
Hope you all traded on a better week than I
I ended the week about $2000 in the red! when not having had a down week in about a month and a half! Quite frustrating for me really, need to recap and see where i was going wrong. I beleive it was my bias for the short side of the market when it has been trending to the up side, instead of buying the dips I was selling them.....that doesn't work, in case you want to give it a go! ha.
Anywho,
Here is a pennant i see that may be having a breakout to the upside in a long term uptrend
Also,
EURUSD had been up most of the week finding tough resistance at the 50% fib level, end retreating in dramatic fashion to find the lower trend line for the first time in the week.
EUR was a whipsaw last night in news with a massive stop hunt prior to the employment figures then a dive for the bottom taking out 2 medium resistance levels but finding supp on the rising supp trend channel and the low of Thursdays Drop, forming a sort of double bottom, only to bounce and give back all downward movement it had previously made.
ISM data was a little less than expected but again unexpectedly bull vs bear was quite evenly matched and judt chopped and changed, sooooo I went to bed, skulking away to put the bad week (for me) behind me for a recoup!
Chart Attached
AUDUSD was also a little un predicteble (well to me anyway).
Have been bearish on the AUD for a while now and was the beleif that there would be the iminant drop in price, however was awaiting the rise to the 50% fib but it never got there. with a miriod of less than desired data from the AUD we have seen the price drop rapidly, albeit on friday night the better than expected USD Employment numbers stunned and similar to the EUR it dropped, however was a little more robust than expectend and a bounce occurred......and what a bounce!! thae AUD took a strong bullish move north after the initial drop breaking all short term resistance levels and finshing just shy of the higher resistance.
Hope you all had a profitable week, and feel free to make comment have a winge about how many RED pips you were forced to take home, or Make an announcement on how successfull you were, or post some charts that you feel may be of interest anything FX really, we are all here to trade, Make money, learn, and collaborate.
Cheers Guys
Have a good weekend!
