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I have been involved with Forex trading for about 6 years now and after being disappointed with mainstream indicators I discovered price action trading relatively early in my career. Since then I have made price action the focus of my Forex trading, embracing it with a passion. I don't like... More
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  • AUDCHF Rejects Resistance Level - Anticipating More Downward Movement 0 comments
    Nov 10, 2013 12:24 AM

    (click to enlarge)audchf rejects higher prices at reistance

    The AUDCHF market has rejected moves higher into a dominant resistance level on the daily chart. As resistance held strong here, the market closed as an aggressive bearish rejection candle with quite a large upper tail as the bears stepped in and denied this market the privilege of maintaining prices above the level. The large upper tail suggests price tried to break through the key level and created a breakout trap for the bulls. Price collapsed back below the resistance level closing lower than it's open price.

    We can anticipate further bearish momentum off this setup. A retracement entry has already been triggered which I mess, so I guess we will have to wait for the next price action sell opportunity to manifest with the developing bearish momentum.

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