I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Sell AUD/USD Some Mo'
While this pair managed to gain back some strength today, it seems to have hit resistance at 8345. I still believe this pair is headed down since Aussie's CPI was well below expectations so I see this as getting in a better price. There's also hidden bearish divergence, where price has made a lower high, while the oscillator has made a higher high.
I'm going short at 8330. My stop loss (SL) will be 8400, the same as my earlier trade. My initl profit target (PT) will be 8120, also the same. I plan to tighten my stop accordingly so watch out now!
Sell AUD/USD @ 8330 | SL: 8400 | PT: 8120
