EUR/AUD has formed a large ascending channel on the daily with clear middle section. We have now created an extension at the third touch point in another slight ascending with clear middle section, the set up is most probable for a sell set-up in the 1.58400 area.
E/A could move up to the highs before a reversal takes place, although...
EURAUD finally gave us a higher low indicating that it's time for a reversal! Another confirmation that it's a reversal is that we saw a double bottom at the end of a higher timeframe pattern.
Will look for bull flags now and ride this up!
Goodluck and trade safe!
EURAUD has been trading within this huge channel for almost 10 years now so a very significant channel with the Eurozone starting to breakdown a clean break of the low of this channel exposes further losses looking at the 1.40 as the first major target which would provide 1,300 pips
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...
Price brokeout above the downtrend resistance and is currently retracing for a test of flip support + fibonacci retracement levels + uptrend support. Confirmed bounce off the support could be a bullish signal ⬆️. Possibly making a new swing high.
Some momentum entering the markets over the last week to 10 days as move into the last month of the quarter.
Summer months can lack trading volume, so lets see how the quarter end.
We currently have a couple of projects ongoing with out community so we have been a little quiet on here over the last few days.
I thought I would share however, a quick recap on...
EUR/AUD has returned back to an area of support around the 1.6355 level.
Previously we have seen price hit this level of support and then retrace upward towards resistance.
We could see bulls come back into play at this level to drive the price back up to the area of resistance.
I will look to enter a long trend following confirmation of bullish candlesticks...
I took this trade way earlier after the cross of the red support line and as you can see it is about to hit my target profit.
Tell a friend to tell a friend I want to see everyone eating right.
Feel free to like and follow, thanks.
The ichimoku is used to confirm trend direction but price action is always my best source.
All is explained in the chart, price is currently at a strong support level that has previously been used as strong resistance so this proves this is a very strong key level.
This is as simple setup as you can get with 2 very nice targets that if met will have you counting your money for days ;p
You can also use a tight stoploss on trades like this because if...