Wednesday, April 25, 2012
Why I Am Keeping The AudUsd Short
Since April 13, the AudUsd has been experiencing a series of lower highs, as you can see by looking at the red trendline in this 4-hour chart. I am hoping this trend will continue, so I will keep open this losing position.
If you are an Elliot-wave theorist. You will probably notice that the 5th wave closed on April 24. Thus, I expect some sideways movement. Maybe a breach of the trendline, not to exceed 1.03902 for a few days. At that point, I'll reevaluate whether to close the trade or give it some more room to play out.