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.