The Aussie’s heady days are over

Forexmentor.com Forex Trading Price Action

Back-to-back Death Crosses (50 through 100, then 100 through 200) on the 15 minute chart yesterday convinced me that today would be a ‘Down’ day for the Aussie (AUD/USD pair). Sure enough, price broke through the sideways price equilibrium/consolidation channel, coming into today’s session, and immediately headed south big time – in the form of Leg Two of a Downtrend continuation pattern. Is there any doubt in your mind that the Aussie has finally topped out on the weekly chart? Take a look at the inverted hammer just recently formed. That is a reversal formation – meaning that the Aussie’s heady days are over. Of course, the Big Dogs warned us that this was coming way back when. Unfortunately, their sentiment dictates that we exerciseextreme patience when looking for a top (or bottom). Serious (and successful) traders spend an inordinate amount of time proving tops and bottoms. That’s the hardest part in this business,and that’s where they put in a lot of their time. For more on what all this techno babble is about, head on over to the members’ area at www.forexmentor.com and check out the wealth of strategies, tips and techniques waiting for you there.

See latest sample AM Review at: http://www.forexmentor.com/sampler/