MTI Analyst Articles

Forex Technical

Bull Crown on the AUDUSD Hourly

April 27, 2010

Gary Fichardt - FxBigDog

MTI 4.0 Charting on Demand serves as an all-in-one Forex charting platform and analysis tool that gives Forex traders the same accurate and reliable Forex charting tools that the pros use.

Chart Analysis

The daily AUD has show traders that strong support has been find and tested, but yet holding. We have in the last couple of day find the market re-testing the double bottoms. This is the test position traders are looking for to get in at better prices on the lower time frames.

Here we have a bullish pattern formation called Bull Crown. Traders that were selling short and were stopped out, now have an opportunity to recover some of their losses by following the step by step rules MTI teach.

A Bull or Bear Crown can be find on all time frames but the higher the time frame the stronger the pattern.

Want to learn more about this strategy?

Analysis

Taking a close look at the hourly chart movement and what makes this a high probability trade, is that is reads the same information as the daily chart and confirms the support seen on the daily. There are no holy grail trade, but when you get the hourly chart confirming the same information as the daily or higher time frame, it doesn't get better than that. Now treat this trade like any other trade. Place good equity management no matter how positive the trade may look, as there is always a possibility that the trade may not work out.

What ever the time frame that you prefer to trade, what is clear that all time frame trade will be seeing, is that buying demand is seen at key levels. Candle formation will be the final confirmation for trade positions before taking action.

Want to learn more about this strategy?

All of the analysis is done using the MTI 4.0 charting software, practice these, and other great strategies for FREE, by downloading a 14 day trial of MTI 4.0 charting.