Most Forex traders concentrate solely on Forex pairs, but a few other markets they could add to their watch lists are the major indices.
One major indices that has been roaring higher of late is the Aussie200. Price has been continually making new lows without any significant rotations lower on the daily chart. With super strong trend such as these, we quite often wont get the large retracements we would like to enter trades. We need to keep this in mind for future trades.
Price is continuing to move higher and is now sitting just above the Very Big Round Number of 5000. If price can move solidly through this level the next leg higher would become a high possibility. A solid strategy for this market is to hunt long trades from any rotations lower.
AUSSIE200 WEEKLY CHART – 19 FEB 2013
We have just made a new video on this weeks price action trades. Watch that here: Price Action Trading Setups