Major Movers
AUD/USD Trendline Bounce
March 9, 2010
Jeff Watkins (Fx-Enzo)
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
Today's highlighted major mover currency pair is the AUD/USD currency pair.
We found our setup by watching the inner up trend line and letting the market bounce.
Once the market bounced at the trend line we waited and looked for the candle formation; once we found the candle formation is when we found our trade.
Want to see this analysis in the live market?
Chart Analysis
Though we could have traded this setup from the 60 minute chart; trading the morning star formation.
It proved to benefit us greater to trade from the 15 minute chart; trading the bullish engulfing candle.
Our entry on the 60 minute chart was also from a candle formation but with better equity management and better risk vs. reward.
Want to see this analysis in the live market?
Analysis
Trading in this market is about knowing what is going to happen next, this setup was considered to be "predictable."
As the market moves in trends is usually does so along a trendline, just as it did today on the AUDUSD.
Take the next step towards becoming a better trader and invest in yourself and your education today!
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.
Not sure what level trader you are?
Find out your Forex IQ!
