Thursday, June 17, 2010

AUDUSD#3 - Sidewalking











AUDUSD has been bullish. In fact, everything has been bullish since last week.
However, AUDUSD is sidewalking at the moment. A ceiling resembling a triple top is being formed now. It will make a decision again. Support and Resistance (S&R) traders will like this kind of pattern very much? Join the ride when it breaks from the ceiling or floor, with SL placed rather tightly back into the S&R region. From the history, this kind of trade will require quite an amount of monitoring as the reward can be small (though windfalls happened at times).

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