Hi Guys,
The Eur/Aud looks like it may have some buying interest at the current price which could result in a shorter time frame countertrend bounce.
Confluence of pullback (low to high) into golden fib zone, previous support area where price made a big impulsive move and a bullish bat pattern completed ( the fib levels little off exact but entry point is spot on allowing for a pretty good risk reward with stop under the x point and targeting midpoint ( I target bit lower on the countertrend harmonic patterns than I would continuation ones)
Of course waiting for some confirmation at or around the entry point is a must. Hammer candle, double bottom or some strong green candle on the 1 hour or even 15 minute chart indicating buying pressure would be a good reason to enter.
This is my idea and if you intend to use it please ensure you have sound risk management in place.
Safe trading all.
The Eur/Aud looks like it may have some buying interest at the current price which could result in a shorter time frame countertrend bounce.
Confluence of pullback (low to high) into golden fib zone, previous support area where price made a big impulsive move and a bullish bat pattern completed ( the fib levels little off exact but entry point is spot on allowing for a pretty good risk reward with stop under the x point and targeting midpoint ( I target bit lower on the countertrend harmonic patterns than I would continuation ones)
Of course waiting for some confirmation at or around the entry point is a must. Hammer candle, double bottom or some strong green candle on the 1 hour or even 15 minute chart indicating buying pressure would be a good reason to enter.
This is my idea and if you intend to use it please ensure you have sound risk management in place.
Safe trading all.