Textbook Multi timeframe analysis on EUR/AUD
Higher timeframes structure on the 4hour - Descending Equidistant Channel, with price action making lower lows, lower highs, with 80/20 cycles across
impulsive and corrective market nature.
As we neared the swing lows of March 2020, price began to descend in a very corrective manner and began to form a 'pattern within a pattern' on the 1hour
The 1Hour descending wedge.
Break of the swing low, 3 touch 1hour descending channel, impulsive break to the upside, retest of the resistance levels, which has now turned into support and opportunity for the pair to base before
lifting the offers. Simple market execution / Sell Limit order in place with a 65 pip stop loss (650 ticks)
R:R 1:6+
Currently running at over 6+%, with stops locking in +3%
EURAUD
Higher timeframes structure on the 4hour - Descending Equidistant Channel, with price action making lower lows, lower highs, with 80/20 cycles across
impulsive and corrective market nature.
As we neared the swing lows of March 2020, price began to descend in a very corrective manner and began to form a 'pattern within a pattern' on the 1hour
The 1Hour descending wedge.
Break of the swing low, 3 touch 1hour descending channel, impulsive break to the upside, retest of the resistance levels, which has now turned into support and opportunity for the pair to base before
lifting the offers. Simple market execution / Sell Limit order in place with a 65 pip stop loss (650 ticks)
R:R 1:6+
Currently running at over 6+%, with stops locking in +3%
EURAUD