Lifesong
05-18-2008, 11:47 PM
Hi Neal
Just had a look at daily & 4H charts of AUDCAD and notice downsloping trendline around 0.9565 and also Fib resistance @ 0.9541.
My observation is that as of late this pair has the tendancy to slam down hard when it does (see April24th, May9th, 13th &14th). On both April 24th & May 9th the charts showed similar patterns - daily TRSI up, but within a wink of the eye it slammed down! Currently the daily TRSI is again up, but 4H TRSI is close to turning down and it looks that eventhough the Fib resistance (0.9541) is not SK it could proof valid because of the downsloping trendline close by. Just wondering whether the past behavior will materialise, but like you say - WE TRADE WHAT THE MARKET TELLS US!! Perhaps an upward break of the trendline level is the long signal - let's wait and see!
What is your view and perhaps an inclusion in your daily updates could be worthwhile.
Happy trading
Otto:rolleyes:
Just had a look at daily & 4H charts of AUDCAD and notice downsloping trendline around 0.9565 and also Fib resistance @ 0.9541.
My observation is that as of late this pair has the tendancy to slam down hard when it does (see April24th, May9th, 13th &14th). On both April 24th & May 9th the charts showed similar patterns - daily TRSI up, but within a wink of the eye it slammed down! Currently the daily TRSI is again up, but 4H TRSI is close to turning down and it looks that eventhough the Fib resistance (0.9541) is not SK it could proof valid because of the downsloping trendline close by. Just wondering whether the past behavior will materialise, but like you say - WE TRADE WHAT THE MARKET TELLS US!! Perhaps an upward break of the trendline level is the long signal - let's wait and see!
What is your view and perhaps an inclusion in your daily updates could be worthwhile.
Happy trading
Otto:rolleyes: