Continuation or Reversal?

Chart courtesy of Advanced Get. Data provided by eSignal.

Good morning guys and welcome to anothert week of trading.

I suggest you all start with your own affirmations this week regarding trading. For those that dont do this or cant remember how to, just think back to Robbins.

I have been short based on my BB Strategy on the AUDJPY and although the signal has not changed regarding this cross I have looked at the chart again this morning and am going to be a little cautious. The cross came down overnight and found support at the figure. It then bouncd up to a PP and is now unsure. Quite often what we would see is a retest of the low and this would then indicate a continuation or a reversal. The continuation would be based on a break below the low and the figure. The reversal would be based on a double bottom with confluence of events. Clusters would be useful as well. The 4 hours is showing a MACD convergence.

I still have my trade in place but had a scale out prior to the figure. I have also moved my stop down. This chart you want to watch for a break and close (smaller time frame not daily if day trading) for shorting opportunity or bounce characterstics for long opportunity. My system trading is still staying short.

We have a few people speaking today.

Good luck.