Murphy's Law: Every time you post a neat, textbook chart pattern in a trading forum the market will immediately go the other way.
Hey Tradex, But since the candles went right up to the top of the channel and broke sharply back down toward the other side, wouldn't that be considered a good and consistent result to a pattern-based chartist?
Oh yes, absolutely my friend, the upper down trendline acted as a resistance, like it was supposed to. But it's not over yet, let's see what happens now...
The Australian Retail Sales report (due in a few hours, 9:30 PM EST) could reverse the whole intraday EUR/AUD trend in a hearbeat, and break that descending channel pronto.
That was a great song thanks for sharing As far as you asking for any takers on the Eur/Aud chart you posted. I personally have never been able to do consistently well using the 5min charts with FX. Generally speaking most moves on the 5min charts don’t have enough follow through these days (in my opinion) however I worked for a guy who would use the 1 min charts once price got to his specific price level he’d go big with size. It was not unusual for him to make 10k - 100k per trade. I witnessed this many times and on average his trades lasted 3 mins at the most. Back then we were clearing with Citi Bank so the spreads and executions were super tight. Trying this today as a retail trader would be very difficult. Again I think achieving consistent success using the FX shorter time frames is difficult and not advised. Also understand that one size doesn’t fit all so go with what works for you!! Trade On!