Out of our 3 Forex Trade Setups today we took 1 trade. The trade we took was on the AUD/USD pair. We did expect the commodity pairs to sell today as the PMI numbers came our very bad.
We examined the bearish divergence on the trade setup on AUD/USD. It was noticeable on the 5 minute trading chart but also on the 15 minute chart. We were positioned short on the aussie before the news with a tight 29 pip stop.
We also examined the trade setup on the EUR/USD however after careful consideration we determined this pair was a bit oversold and we did not take the day trade setup on this chart. Using various different strategies in our trading room is essential in this ever changing market.
http://youtu.be/wku7DJDA1J4
We examined the bearish divergence on the trade setup on AUD/USD. It was noticeable on the 5 minute trading chart but also on the 15 minute chart. We were positioned short on the aussie before the news with a tight 29 pip stop.
We also examined the trade setup on the EUR/USD however after careful consideration we determined this pair was a bit oversold and we did not take the day trade setup on this chart. Using various different strategies in our trading room is essential in this ever changing market.
http://youtu.be/wku7DJDA1J4
