Trading Spot Forex, Equities and Futures using "Long Term Moving Averages" as Support and Resistance. The strategy consist of breakouts from the 800 or 200 simple moving average (sma) Bollinger Band. Will take into account the 800sma, 200 sma, the 50 sma and recent high/lows as support and resistance. Reversal patterns "double bottom" or "double top" near a Bollinger Band will trigger a trade.
Tuesday, June 26, 2012
Aud/Nzd Head and Shoulders going and going and going...
The Aud/Nzd pair had made a "head and shoulders pattern" just on the 800sma 8h chart forming a SurpriseBox. A break to the downside away from the box occurred on june 11, 2012. The formation is going very slowly to the downside making alternate up and down swings but keeping "lower lows and lower highs". Expected to reach 2x the neck to top to the downside (about 1.2635). Daily swings may provide trading opportunities.
Disclaimer: I trade the patterns depicted either at the entry point stated (e.g. trading channel, breakouts) or afterward. Although my trades are based on technical analysis, trading forex is a risky activity and may produce significant monetary loss. I only make public the trades that I am considering to make, or made and the rational for them. Not intended necessarily as trading recommendations. By SurpriseTrade@gmail.com
