Hello Vahid, I was just wondering your thoughts on the EUR/USD 4-HR chart. It looks as though a short trade may be setting up. It went from the upper Bollinger band to the lower Bollinger band, and then right to the 61.8 fib level. MACD is looking pretty good, plus the daily chart shows hitting some resistance. It hasnt made it to the middle Bollinger band yet on the 4-HR, but is bouncing off the 61.8 level. I was just wondering if this is a valid trade setup for the trend system? Would setting a pending sell order below the current low be a good idea?

Thanks,
Dave

Hi Dave,

Yes, it is one of the forming trade setups I will report shortly.

I think there is a short setupt om AUD_USD also?

Halvard

No, AUDUSD is getting ready to reach the 261.80% level.

what is the meaning of AUDUSD is getting ready to reach the 261.80% level? Thanks a lot.

Have a look at this thread and the linked articles.
http://www.forexoma.com/forums/fibonacci-levels-20.html

All the best

Michael