E-Micro AUD Short on the Daily ChartWe just had the first retracement back to the 50 SMA and a nice downward movement to a demand zone with a 76.40% Fib Ext. If the pull back takes place now then look to short at the Supply Zone around the 50% Fib Retracement level which is also a 38.20% Fib Ext cluster. But if price keeps dropping we could hit S2 floor trader pivot which would also be a measured move or hit the second Demand Zone show below that has a S3 FTP as well as a 138.20% Fib Ext. Look for the pull back off one of these three points and take the trade short useing your chosen method of entry, stop and target.
6A1! trade ideas
MG1! Short using multiple time frame analysisI am looking at the set up on the long term chart (daily). Using the 50 SMA as the dominant energy to show the trend which is down. We are seeing the first retracement back to the 50 SMA. A triple cross on the stochastic with %k and %D facing down and at the top of the cycle. We have Mom down on the medium and chart as well as %K and %D. Unfortunately I wanted to set the entry point on the short term chart (60) when %K and %D where angling down but user error prevented me from doing so. I feel confident with my stop which is just above the structure high. The target will be taken on the long term chart to maximize profits just above the S1 floor trader pivot.
Australian dollar analysisAfter an impulsive move down to break a 6 month support, the Canadian dollar has found some support and spent the last 5 days in retracement. As price approaches the 38.2 Fibonacci retracement level of the current downtrend, we see that same level shows to also be previous key support and resistance. Watching the .75 key level for reversal and downtrend continuation.
Australian Dollar buy setupHere we see price approaching 4 month support level, the last test of the support reversed at a higher low, this current test of support has again paused at a higher low then the previous test. There are also reversal candlesticks at the current level, if price breaks above the current range high of .749, looking to go long.
