FX:EURAUD   Euro / Australian Dollar
Don't be put off by all the charting, let me break it down.

Firstly what can we see?

The blue line is a weekly trend line dating back years which as you can see, isn't breaking.

This is followed up by the daily support in grey.

In red, we have a Bullish Flag pattern. Buys on the break of the high of the flag is favoured with clean traffic.

Alternatively, we could see the usual correction to 61.8% fib as highlighted before another push.

3rd scenario is we retest that bottom support but unlikely.

Comments

Back to 61 and soar this is what I think
Reply
Quite interesting view and I have to say I agree with pretty much everything. But one question in relation going up by breaking the resistance. Why don't you activate the Buy order now (in lower timeframes such as 5m 15m) at this level in case of a signal such as a hammer, bullish engulfing...etc. Wouldn't that give you more pips?
Reply
RealistFX Helena_FX
@Helena_FX great question. It’s just about our experiences in trading. We try and increase our probability of winning and we know when we see flag patterns, our win % increased when we break the high, rather than try and jump in early!
Reply
Helena_FX RealistFX
@RealistFX, Ok, fair enough, but my worry is that after the last daily candle which I would describe a Gravestone Doji, the trend might move down today to probably 1.62500. I hope not, but just a thought....
Reply
RealistFX Helena_FX
@Helena_FX another reason why we’re not entering now - that’s the other scenario we have charted. The price point you’ve highlighted is also the 61.8% fib area which represents the usual retracement point!
Reply
Helena_FX RealistFX
@RealistFX, Well, I only hope it doesn't go all the way down back to the support level at 1.61500 as this won't look good for the EUR
Reply
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