Wed Jan 19 2011 9:07 am EST (GMT -5)
Trader Comments : Forex Signals - We identified a 100% Fibonacci Extension yesterday on AUD/USD 60-min, but upon waiting for a test of resistance we saw a clear break higher. We have now taken a step back to the 240-min chart and see a bearish Gartley Pattern emerging. This pattern involves a 100% Fibonacci Extension as well. The levels are as follows: Point A: 0.9800, B: 1.0020, C: 0.9852, D: 1.0072. The 100% extension aligns with the 61.8% Retracement of the 1.0255 - 0.9800 decline. We are again watching intraday charts such as the hourly for confirmation and timing of entry. Image analysis is located in the Members Area now.
Risk Disclaimer: Trading foreign exchange Forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. FX Renew Forex Signals are not specific trade recommendations or a solicitation to buy or sell any Forex contract and should be personally evaluated by you before executing any trades. FX Renew will not accept responsibility for trading losses that result from our Forex Signals. Past performance is not necessarily indicative of future results.