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To short against the trend requires skills, lots of it and I am not good nor advocate it. I had tried in the past and had some beginner's luck but to trade based on luck is a lose-lose situation. You never know how soon it will runs out and the risk stacks higher each time you win out of luck.
If you look at the chart of AUDUSD, you would notice that it has been trending quite similar to the Gold chart, moving up in a very bullish manner without much pull back. This might be the pit stop it needs to recharge before heading higher.
Of course, to those who MUST short, they will think that waiting for the trend line to be broken or worst, the lower channel line to be broken takes too long. They have no time to wait. To each his own , really.
My strategy may be more conservative but it suits me well. For those who likes to buy at the very bottom or sell at the highest (i give up long ago finding the holy grail to search for it), then this method of mine may not be suitable for them. They probably missed too many pips while waiting and more importantly, my method is not guaranteed success as evidenced in some of my losing trades here in TV.
Trade safely.
If you look at the chart of AUDUSD, you would notice that it has been trending quite similar to the Gold chart, moving up in a very bullish manner without much pull back. This might be the pit stop it needs to recharge before heading higher.
Of course, to those who MUST short, they will think that waiting for the trend line to be broken or worst, the lower channel line to be broken takes too long. They have no time to wait. To each his own , really.
My strategy may be more conservative but it suits me well. For those who likes to buy at the very bottom or sell at the highest (i give up long ago finding the holy grail to search for it), then this method of mine may not be suitable for them. They probably missed too many pips while waiting and more importantly, my method is not guaranteed success as evidenced in some of my losing trades here in TV.
Trade safely.
Note
it hit the resistance with 2 bearish red candles. it has to break the diagonal trend line to consider a short term sell. pls note that it is still within a rising channel.Note
half a day later, the price action nicely breaks the diagonal trend line and rebounded as well from the lower ascending channel (see the bullish engulfing candle right after the red candle touches the lower channel).Bulls are still in this camp, no selling yet.
Note
Wouldn't it be nice if all charts play out as nicely as this ? Count your blessing each time. Thank you God
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