Directly from Vladimir Ribakov's Live Trading Room
Today we are looking for possible Bearish opportunity. We can start off by looking at the Daily charts. On the Daily charts price could start creating a flag pattern, not pretty but still techincal. We also have Daily Bollinger band duplication area bringing us to the 200MA. We see that we have a trend line on the H4 charts and we have resistance around 1.0648 which use to be strong support. It is around this area that we could get a Bearish Hidden Divergence. If we go down to the H1 charts we also have Bollinger band duplication to this area. Our opportunity will could take place on the M15 chart giving us a nice intraday opportunity. Look for candle stick pattern around 1.06252 before entering. Target could be the H1 20MA. We keep Bearish scenario for this because of the Daily chart but if the levels won't hold we will have to re-analyze. Daily levels being 1.0652.
AUDUSD trade setup for March 08, 2012
AUD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3