8m 1s: Lenght

To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=how_to_trade_forex&ad=xOa2fgemd8g Okay, let’s move on over to the Australian versus the US Dollar [AUDUSD]. This one a little bit tricky yesterday. We did see an opportunity to go short. It broke underneath what was support and then acted as resistance, but the market had a little bit of a different idea and pushed through that resistance towards the next resistance level. We’ll see that a little bit better on the four-hour timeframe. Of course I always need to remind ourselves of this long-term trend. That red trend line there because it is an important factor in all of our trading over the past several weeks here for the AUDUSD. That long-term weekly red trend line. Take it down to the daily. You begin to see how the market has been around that red trend line for quite a while. Zoom it in again here a couple of times. You could see there’s the red trend line. We could see it challenging up into there, where the red circle is. You see it challenging where the black circle is. And even if you put another circle in here, let’s go ahead and throw another circle right about right here and make it black. Actually I’ll make it a different color, so it’s different from the other two. Let’s make it this blue color. So, right there, where the blue circle is you could see resistance again around that red trend line. So, that’s what we’ve been working our trading information off over the past few week, is underneath that trend line. Of course it could break it and go higher, but at least so far it hasn’t really done that on the weekly timeframe. Selling rallies into resistance. It did push underneath the yellow zone, 0.7550, 0.7565 yesterday, so we were looking for the continuation towards the green-shaded area, but the market, again, like I said, had a little bit of a different idea and turned back above there. Now we’re looking at the pink-shaded area once again as resistance. Over here it was support. Over here, left-hand side of the chart, it was support. Even on the far left-hand side of the chart, we could see resistance into that pink zone. So, that’s what I’m looking at today, and of course along this black trend line we see falling highs over the past few days. Falling highs under resistance. That gives us a better idea to go short than it does to go long. You don’t want to go long into resistance. Let’s zoom it in one more time here on the daily timeframe. So, this pink-shaded area here, and I’ll put a black arrow around 0.7590, 0.7600 will be our resistance for the day toady. And only if it breaks the black trend line and 0.7600 will we look for it to go higher. So, that’s resistance. So, if we’re going to go short and sell this currency pair, we want to get as close as possible to that. I’ve already setup a pending sell at 0.7590 into that pink zone. Hopefully that will help us and allow us to capture back that little bit of a loss that we took. It was about a 30-pip loss on the first trade yesterday into the yellow-shaded area. https://www.youtube.com/watch?v=xOa2fgemd8g Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.