The AUD set up nicely with lower highs, a wash and rinse and a Reward to Risk of 4:1 to our target 2. Unfortunately the market had other plans and we made modest gains in what looked like a trade with lots of potential. The market move was quite shallow, but it gave us a clear reversal sign with a very wicky candle which coincided with another tool that we use. We always watch the market for familiar signals and trade accordingly. This trade had many features that made me inclined to think that there was a really good move pending, but it wasn’t to be, so I won’t get into them.
Slim pickings so far this week.
Back tomorrow to wrap up this week.