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AUDUSD (like other pairs) mired in it’s own range. Tests 200 hour MA for the 2nd straight day.

By | June 27, 2012 2:46 pm | 0 Comments

The AUDUSD has tested and held the 200 hour MA for the second day in a row. This increases the importance of the MA level going forward. The market traders are paying attention to the level and using it to define risk (sell against with a likely stop above).

In the meantime, the failure to break above keeps the price in between the 100 and 200 hour MA (Trading between the Goal Post as defined by the two MAs).  The 100 hour MA (blue line) comes in at the 1.00448 level currently.  The price has broken below this line on a few occassions in the London session but has not been able to close below. 

When the price is between the Goal Posts it says to me, the market is unsure of the next directional move.  Traders can play the range (sell against the 200/buy against the 100), but on a break (whether it be below the 100 hour MA or above the 200 hour MA) I will be looking for momentum in the direction of the move.

REBROADCAST of the Traders Course with Greg Michalowski

By | 2:19 pm | 0 Comments

 

REBROADCAST WEBINAR: The Traders Course with Greg Michalowski

TOPIC: “I’ll… never fall in love again. A look at the up and down market and how to trade them”

Yesterday, the EURUSD did “a few laps” up and down during the NY session.  The GBPUSD did too.  If you were looking for a trend (and I was early on!), that mind thought could have hurt you.  If you were able to change your focus from the price action, your day could have been saved.  What clues were there to change your focus toward not falling in love but falling in like with the market?  I will show you…..

TO WATCH AND LEARN FROM THE REBROADCAST, CLICK ON THE FOLLOWING LINK:

https://www1.gotomeeting.com/register/601244985

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