Potential breakout on the GBP/AUD...

This is the 15 min chart. Hard to say which way it will break, even though the downside is the logical path with this type of configuration...

 

uh-uh, GBP/AUD is going down, or at least it seems that way...

 

Short at 1.8240

Let's go GBP/AUD

 

Stopped at 1.8270 (30 pip loss).
Possible short re-entry later if price goes back to original entry point.
Never argue with the market.

 

Are these the models with "edge" you were talking about?

 

What models Maverick?

 

Oh that? No, these are simple chart-pattern based trades that I also like to place on the sideline, while waiting for signals from my purely mechanical systems.

But make no mistake, the way I draw these support and resistance lines and then later pull the trigger may seem subjective at first glance but it is only an illusion, if I tell 10 traders the exact rules I use they will all draw them exactly the same way and place the trade at the same exact entry point.

Hope this clarifies.

 

Here we have an interesting situation on the AUD/USD (15 min).
A breakdown is clearly already in progress and if the price touches the resistance line and bounces back I will initiate a short trade.

 

As expected, the Australian dollar touched the now resistance line but the price was quickly and immediately rejected, allowing me to initiate a short position at 0.8905 (over 50 pip profit so far and stop has been moved to break-even).