FOREX TRADERS

[ElderWolf]

That might not be a bad play. I can see where you could make a strong case for a bear flag pattern.

Also...Brother Glance made a good point in that gold is expected to rise. However, the good news is that gold was in a consolidation pattern for 2 months and it finally broke very definitely to the downside below it's 200 day ma (XAU) although it may come back up and retest previous support.

You'll likely find at least some support in the Aussie at the 200ma (.7469 as of now).

Based on the high made on 9/15...it looks like you have your stop set in a pretty good place.

Based on an almost 3 to 1 profit to loss ratio...you only need to be right about half the time to be profitable.

The main thing that scares me about this trade is you're at an established diagonal support level. I probably would not have taken this trade based on that.

Just my 2 cents.