Forex Technical Analysis AUD 21 June

Forex Technical Analysis AUD 21 June

Today, I talk about a potential AUDUSD bearish covergence forex trade setup.  Again, the emphasis is on convergence zone of fibonaccis, support, resistance, wave 1 = wave 2 and risk management.  I am looking for a retest on the convergence zone around 102.20-102-40 with a possible scaling in trade if that area gets breached.

I also recap on the GBPUSD trade from June 20th.  I missed my target of 5640, but I talk about managing equity with trailing stops around various pivot points. This is a mechanical news trading strategy that I have developed for my trading style.  Unfortunately, I was only able to squeeze 30 pips overall.  Another 2 pips, I would have been able to double that total.  OH well!

Last I talk about the gold price volatility that caused me to exit the trade earlier this week.  The market came down over 400 pips as anticipated.  Unfortunately, I was not willing to ride this roller coaster.  But look at the previous videos from last week.  Targets were eventually hit, but sometimes being right is not enough.

Enjoy!

Gregory King a foreign currency trader, Fund Manager, and math aficionado. “My cardinal tenet will always be "Keep Trading Simple." I sincerely believe, that in the long run, the market can be exploitable in a few situations if one has the forbearance to stick to the simple fundamentals. Overtrading is the main detriment for the demise of majority of trading careers.
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