Some decent small Intraday shorts have been had this week posted in the live news stream.
The price action this week has slowed from the impressive skyward trajectory of the previous trading week. Difficult to tell if this is a consolidation phase before resuming the bullish tone or a rollover in the making. Until we get a clearer picture of intent, I will be attempting to play this to the downside.
Important to point out that this doesn’t mean I think the Aussie is going to the moon from here. After all, I am still holding part of a short position from the highs in AUDUSD from 26th Jan and still fancy it lower in the med-long term.
No trade open as yet. Just a heads up to what I will be watching for going into today. I would like to see some weakness creep in soon in order to place a short position …………………. then again, the market could have different plans .
The H1 shows definite rejection candles at the peaks ( up to now ). The Head and Shoulder pattern is a little shabby, though not discounting it at this stage.
Worth noting that my successes over the last few days were shorting from when ( and after ) the price turned from the Head and the right shoulder formation.
I always like to get a jump on these type of patterns if I see one forming. —- Attempting to short on a ( possible ) right shoulder can prove to be a very good trade entry if the pattern holds.
—Update — Short trade entered 1.5696