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Review - 1st Week of February Trading

alifari Posted 8 Feb.  in #Trader's blog #Trading #Week #Demand #Review #February #Supply #1St
1st week of February was filled with lots of big news events such as US NFP, Interest rate decision from RBA, BOE, ECB and Manufacturing PMI's which created lot of high volatility price movements.
I had some pending limit orders placed out of which some missed by few pips and went on the direction of my desired take profit, but I am not concerned as there are still 3 weeks of trading left in this months trading contest and there are going to be ample opportunities in coming weeks to climb the l…
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AUDUSD Analysis for 1st Week of February 2014

alifari Posted 1 Feb.  in #Trader's blog #Analysis #Audusd #Direction #February #1St Week
Here are my analysis and price action forecast for AUDUSD for 1st week of February 2014.
1) Weekly Chart: We can see that price broke a significant demand zone between 0.8840 - 0.8890 couple of weeks ago.
2) Daily Chart: Price retested this zone after breakout and in doing so created a nice supply zone on daily time frame and this zone is holding price for now. Overall trend on Daily looks bearish as price continues to make lower highs and lower lows and in doing so creating supply zones.
I am e…
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2 Comments
Daytrader21 avatar
Daytrader21 1 Feb.

I'm with you on this trade, it seems that as we go further into the downside trend the volatility diminish itself.

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alifari 1 Feb.

For sure technical set up looks bearish, however Tuesday RBA rate statement could determine future price direction. If we look at another scenario, smart money could decide to short squeeze and take it all the way up to 90.00 level, if they think retail traders are heavily short.

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