Narrowgate Trading Daily Technical Analysis

[Will Duxon]

I'm shorting AUDUSD

I should have entered this trade like two hours ago and I might have already exited the position with a profit, but I guess I wasn't paying attention, so now I'm going to have to start off upside down.



The overall trend is negative however, which renders the current situation as pretty much what I would expect from a classic pullback, so hopefully I'll be okay in the end.

UPDATE: I was stopped out of this trade, which did a pretty good job of faking me out. I still believe I'm looking at a pullback here, but if this is the case, it might be a few hours before the pair "genuinely" turns south.



ABOVE: I've shorted AUDUSD again, hoping to have better "luck" this second time around. (UPDATE: I exited this trade with a small profit in that I'm beginning to see signs that AUDUSD might be forming a new bottom (and USDCAD might be forming a new top) so I'm going to sit on the sidelines for awhile. (See the image below.)

 

[Will Duxon]

Are AUDUSD and USDCAD initiating new trends?

It's beginning to look to me like AUDUSD is not going to be willing to fall any lower than 0.7441 and USDCAD is not going to climb any higher (for the time being) than 1.3238



Bottoming out or not, in the short run (the next few hours) selling AUDUSD (a trade I initiated earlier on) was the right move to make. Had I not abandoned the position out of an overabundance of caution, I would have made quite a significant chunk of change by now.

Accordingly, I have taken what I've learned trading one-hour charts these last few days and improved my one-minute charts so that combining the two will, I believe, greatly enhance my ability to tell exactly what the market is doing at any given moment in time.

 

[Will Duxon]

Combining 1-Hour and 1-Minute Charts Effectively

Here is an example of how I will now be combining 1-hour and 1-minute charts to reveal exactly what is going on with a given instrument at any given moment in time, making it much easier to scalp 5 to 10 pips when appropriate, and look for 30 to 50 pip gains at more significant reversal points.

 

[Will Duxon]

Forex Market Forecast / September 25-26, 2016

Forex Market Forecast / September 25-26, 2016

https://youtu.be/naAft1FNXIE