Cabot101Management
Long

EUR/AUD LONG - (SHORT TERM TRADE )

FX:EURAUD   Euro / Australian Dollar
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Okay so we see here the euro over the last year has been in clear decline, trading between the trend lines , up until recently.
We have now closed on the daily above the trend line currently @ 1.3981, Last week the euro outperformed all other currencies, and the market seems to be paying particular attention to and reacting on bad data printed for the Aussie dollar.
With this in mind we recommend going long the EUR/AUD @ safer confluence zone levels
between 1.3900 - 1.3925
Stop set @ 1.3860 just below the low of the last bullish candle
TP1 @ 1.4080 just below the .236 fib line
TP2 @ 1.4200

When the trade is triggered and you hit TP1 move your stop to break even and protect some profit and let it run .

Reason for trade :
Be Cautious and Alert EUR/AUD is a carry trade and moves very quickly.
Last week the Euro outperformed all other currencies and the Aussie has printed some bad data and the markets has responded bearishly with this in mind , Early next week is busy on the calender with AUD retail sales m/m ,
RBA cash rate decision, expected to be much of the same tone, cautious, hold the rate and jawbone the currency.
Not forgetting commodities has been taking a hit recently notably copper price dampened, so these linked currencies have been feeling the effect.

We rate this trade out of ten ( 6.5 )

Happy trading and stay tuned and follow us for more ideas.

Plan the trade and trade the plan
Trade active: Okay,
So we have now been filled as the trade came down to our entry zone level and we entered @ 1.3925
Now keep an eye on the RBA tomorrow their language will give us a better insight into their view on the aussie dollar at current levels, and their forward projections

Stay tuned happy trading and by all means feel free to give us a thumbs up and your comments on all your views are very welcome .
Comment: Cabot101Management PRO
2 minutes ago
Okay so TP level 1 has been reached .
Stay alert and move stop loss to break even , to relax and let the trade run .

Have a great trading day .....
Stay tuned for further updates
Trade active: We are still in this trade and will be moving our stop loss to 1.40 to lock in more profit , should we see this go against us, however some key data for the AUD on Thursday stay alert!!! also Chinese data being released in the Asia Pacific session .

Stay tuned

Happy trading
Okay so TP level 1 has been reached .
Stay alert and move stop loss to break even , to relax and let the trade run .

Have a great trading day .....
Stay tuned for further updates
Reply
All eyes on Draghi tomorrow, don't be surprised if we get some short coverings here ahead of the events tomorrow, Rallies in the Aussie were short lived as the RBA went neutral with there tone , we enter our trades at safer confluence zones for a reason !!


Trade the plan


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