Sorry to bring this posting so late, but i had issues with my pc today. It was written yesterday night. I made the trade recommendation though through twitter already yesterday evening, so real time friends should follow me on twitter (http://twitter.com/AlexanderS2).
I dont like EUR/USD and AUD/USD at these extended levels. Well, while i dont trade my feelings (i trade the charts and fundamentals), i also dont ignore them. Psychological factors of the market as well as the trader have a significant impact in forex market, can be as important as fundamentals and technical factors, economic and political news. So i am looking for clues to bring my feelings in synchronicity with technical analysis and fundamentals. And as i said in my last posting i am looking for good entries to sell short AUD/USD, EUR/USD (also short EUR/GBP and long EUR/CHF). Asian open sunday evening gave me this entry at hourly doppel top 0.7710. SL over 0.7770 (former support, see chart) As soon as hourly resistance is broken (currelty around 0.7660 i will trail my SL. First profit target is fomer resistance at 0.7615. Technical reasons (bearish divergences in 4 h and daily chart, oversold conditions) and fundamental reasons for my short (divergence of market sentiment versus economic reality ) i expained in my former posting. Have a good start in the new week.
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