Directly from Vladimir Ribakov's Live Trading Room
Today we are looking for possible Bearish opportunity. so how can we join this pair and profit from the down move? well first let's go to the H4 charts. Here we can see that price is buildingthe 4th wave and price could possibly build the final 5th and it is this wave that we want to capitalize on. The final stop could take place around 1.06199 - 1.05783. Our next move will be to go down to the H1charts to find our entry. Our entry will be based on either continuing divergence on the MACD indicator, regular divergence on the MACD indicator or hidden divergence on the MACD indicator. If price reaches this we will look for the divergence with a combination of bearish candle pattern ie Harami, Engulfing, Hammer Etc and this will give us our signal to sell. I believe aslong as 1.0620 holds price than my expectation is still bearish.
AUDUSD trade setup for March 07, 2012
AUD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3