After being stopped out at breakeven on my last EURUAD trade I am now looking for a second entry.
The bearish 4hr trendline has been broken and today a higher high was made on the 4hr. I am now looking for a long trade on the next higher low to take advantage of this new trend.
All analysis is marked on the chart and my entry is going to be around 1.57650 if...
I shared this trade with my premium group last week and we are currently holding this on a long term buy.
I'm hoping to reach the TP zones highlighted, however a pull back would mean a re-entry for me on this pair.
Trade safe and good luck.
Simple trendline break and retest trade set up.
The trendline is more accurate on the 1hr timeframe but its easier to see and enter on the 4hr.
4hr rejection of Fib 0.618
Rejection of broken TL
Targeting the Fib 1.618 extension level first.
2nd Target is 1.60600 resistance zone.
FORMED A WEDGE AND WE ARE CURRENTLY IN A BEARISH MOMENTUM
I WOULD LIKE TO COME TO COME TO THE PREVIOUS SUPPORT ZONE WHICH WILL NOW BE THE BUY ZONE
ONCE WE REACH THIS ZONE I DO EXPECT THE BEARISH TREND TO COME TO AN END AND START SHOWING SIGN OF DOJI/HAMMER CANDLESTICKS READY FOR A BULL RUN
IF WE DO NOT TOUCH THE BUY ZONE I WONT BE LOOKING TO TAKE THIS TRADE
EURAUD Long Update +120 pips LOTS More , as previously posted I shall give an Update on our EURAUD Long position .
Currently +120 pips with another +200 pips firmly in its sights @ 1.600 which we shall then look @ scaling trade down .
Mixed bag for AUD and Top German figures out today , only to see the EUROZONE Discredit their own figures among st themselves...
Our team have identified that institutional money is flowing into this pair with a BULLISH momentum.
Our team has spotted that:
-Institutions are manipulating price both to the downside and upside in the region of 1.57811
-This has caused the retail trader to trade in both directions and getting stopped out with heavy losses.
-This has also caused the advanced...
On the daily time frame, Once 1.60500 was broken above, I initially believed my bearish bias was invalidated and we would see price obtain new highs. However, to be a great trader we must become un-attached emotionally to specific ideas and uphold flexibility to be able to quickly shift our bias.
As previously mentioned on multiple occasions, 1.60000 - 1.62000...
Break and retest of TL, nice rejections from the 0.618 which confluences nicely with a supply zone. Head and Shoulders formation on lower tf's which is a nice confluence for our sell, as well as divergence on the 30m RSI. SL an ATR above the wicks and TP is aiming for a retest of the lows.
I'm new to TradingView and have only been researching for a few days so feedback is appreciated.
I've marked my 4 Hour Support & Resistance zones (In Green & Red respectively) of which the points touched are highlighted with coloured arrows.
There is evidence of a bullish trend line despite not being as prominent as I'd of liked, I've plotted it nonetheless...