Amir_A147

EURAUD Theory (STUDENT TRADER)

FX:EURAUD   Euro / Australian Dollar
I'm new to TradingView and have only been researching for a few days so feedback is appreciated.

I've marked my 4 Hour Support & Resistance zones (In Green & Red respectively) of which the points touched are highlighted with coloured arrows.
There is evidence of a bullish trend line despite not being as prominent as I'd of liked, I've plotted it nonetheless attempting to touch every wick where possible.

I anticipate price action will retest the trend line on its way up to the Resistance zone .
I assume once the price action comes into the Resistance zone , I should look for further indication of whether it will push through or whether it will bounce South.

As mentioned I'm completely new to this so I'm not in the position to confidently predict LONG or SHORT, but at this stage I believe if it re-tests for the 4th time we should expect it to fall back South, making the Resistance zone a potential SELL position with the TP being somewhat near the 4HR Support Zone .

I appreciate all feedback & criticism, so long as you bear in mind this is the 3rd day I have been theorising Resistance & Support w/ Trendlines .

I am a Student of the Diamond Forex Academy; instagram.com/diamondforex/
My personal tutor is Masum, a Top Author on TradingView; uk.tradingview.com/u/masumhussain/

EDIT: After publishing I realised the Bullish Trendline I had plotted did not appear correctly on the publishing. When I drew it, it was a lot lower and clipped only the candle wicks, not the candle itself.
when it hits your resistance zone, if it ever does, don't put a sell order wait to see what the end of that 4hr candle brings first. the current sideways movement is known to trap even the most experienced range traders
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your chart is good but note that EURAUD is in an upward bias just now on larger time frames than 4 hour. however on the 4 hour we are in sideways indecisive movement just now
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good analysis bro , keep the good work !!!
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Good start.. keep it up! For a newbie you havent over done it with a million trendlines
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Good chart for only your first week! Promising stuff :)
+1 Reply
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