Hi Traders,
I have a short opportunity for EURAUD here.
The reasoning has been demonstrated in the chart using annotations. But, to sum up you can see that the area of entry has good confirmation confirming a move downside. This includes:
- 3rd touch and rejection of the trendline.
- Resistance zone rejected.
- The rising support trendline was broken (waiting for a clean retest and rejection of the resistance zone again before short entry.
- My target is the support zone highlighted in the chart.
We'll see how this works out.
Thanks for taking the time to read!
- SilencedTrader
*Disclaimer*
I am not a financial advisor. This post is strictly for educational purposes only. Trading involves substantial risk of loss and is not suitable for every investor. Protect your capital at all costs.
Enter anything I post at your own risk and discretion.
I have a short opportunity for EURAUD here.
The reasoning has been demonstrated in the chart using annotations. But, to sum up you can see that the area of entry has good confirmation confirming a move downside. This includes:
- 3rd touch and rejection of the trendline.
- Resistance zone rejected.
- The rising support trendline was broken (waiting for a clean retest and rejection of the resistance zone again before short entry.
- My target is the support zone highlighted in the chart.
We'll see how this works out.
Thanks for taking the time to read!
- SilencedTrader
*Disclaimer*
I am not a financial advisor. This post is strictly for educational purposes only. Trading involves substantial risk of loss and is not suitable for every investor. Protect your capital at all costs.
Enter anything I post at your own risk and discretion.