Hello traders good to be back with you today. I want to talk about trading and news events. Yesterday about 40 minutes prior to the London open an ECB spokesman made a comment saying that the ECB was going to front load QE next month. Well that tells me they are just adding to the already anount they are doing now. So the point is do not let anyone tell you fundamentals makes no difference in trading when this statement came out of no where and moved most dollar pairs over 80 to 100 pips in seconds. So what have we learned yes you need a STOP at all times. Let now look at today’s pair. EURAUD- This is the 1 hour chart. The daily chart is bearish and in a down trend. This chart is below the 200 ema and is at the 38.2 Fibonacci of the last swing. This tells me we can continue to sell this . I have placed a trend line on the chart and looking for a break, as you can see I have placed the entry at 1.4024 below what is left of the chart that is support. We are looking to take profit at 1.3948.which is previous support level. Traders I have to tell you this looks like a very nice trade plan if the price action will follow us.
