Update - short EurAud

FX:EURAUD   Euro / Australian Dollar
After taking a good entry short, my trailing stop took me out with some nice profits. I am wanting to get back into this trade and spent the morning looking at the other time frames.

Weekly = OverBought

Daily = Just coming from above the OverBought zone

4Hr = close of last candle below a big support level of 1.81440

1Hr = Might see pullback to 1.8230 as high as 1.8370 (outer channel of a downward Pitchfork )

15Min = as posted in the picture chart - Green wave drawn. Might see a pullback to B in green, as high as 4 in blue.

Be great to get some likes and comments. Please share your thoughts and idea. Be great to discuss.

Happy Trading


I agree with you Mayfair_ventures
What's ur suggestion on someone who went long when it made the strong bullish surge and he is still holding his position?
@Franklin_C, it's a tough one. Europe is getting worse. Which made no sense, why it climbed like it did. Price action will catch up. There are a lot of fibs, including the spike, it hit an 86.

with a few support/resistance lines left to cross. if it breaks the last low. then I think it's a strong sell down. But it needs to break the outer pitchfork to confirm a continued up. just be careful either way.
Franklin_C Mayfair_Ventures
@Mayfair_Ventures, Thanks for the feedback
@Franklin_C, no problem. Like I said don't take my word for it. but tread carefully. the markets are crazy currently. have a good weekend and good luck!
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