EURAUD Long / Possible reversal to 1.6340 (RR 6.8+)
We've gone long for an overnight position on EURAUD.
We believe that the 30% fib retracement can hold out, but if it doesnt, our risk is only 20 pips. Remember, that successful trading is making money over time and not having a beautiful 90%+ win ration.
The trade parameters meet our entry triggers, which is the support of the fib, RSI being low and some form of support to be show in price action.
This trade ticks all of that.
Oh yes! And the 10m chart has a beautiful contraction of price action, a bullish wedge.
We believe that the 30% fib retracement can hold out, but if it doesnt, our risk is only 20 pips. Remember, that successful trading is making money over time and not having a beautiful 90%+ win ration.
The trade parameters meet our entry triggers, which is the support of the fib, RSI being low and some form of support to be show in price action.
This trade ticks all of that.
Oh yes! And the 10m chart has a beautiful contraction of price action, a bullish wedge.
Comment:
Here is the 10m contraction / bullish wedge
Trade closed: target reached:
This worked out well.