By mike on April 9, 2010
new traders should take note that this trade setup should be invalidated if price gap up once the market opens
There is a good possible short on AUSD 1hr/4hr TF between 9330 and 9350 based on completed bearish butterfly pattern with the following convergence
1. 1.30 fib extension level of XA
2. 1.618 fib extension of AB
3. AB=CD
4. Resistance line on daily time frame
5. 1.618 of AB(1hr) boundary
Look for candle formation stick and place stop 15pips above it
move stop to break even when price hit 9295
t1=9270
t2-9220
Posted in AUSD, Pending Trades
My name is Fowope A. Mike, a mathematician and teacher, who has worked in one of the leading banks in Nigeria for 8 years. I started trading the Forex two and half years ago. I am a chartist, who vehemently believes in 'Trading what you see on the chart'. My trading concept is looking for convergences at important levels. I employ harmonic patterns, multi time frame analysis, trendlines and fibonacci retracements as my trading tools. I am a contributing editor for currency market column of stock watch magazine in Nigeria.
