". There is a possibility of temporary retracement to suggested support line (1.6240).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
. EURAUD is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic...
Great trade from last month, held the whole way. Stuck to the plan and continued to hold...would you of held? did you hold all the way?
Not found that crystal ball that everyone else “has” to tell you where price will go? Sick of chopping and changing strategy? Keep changing signal groups? Struggling with chart analysis? Want more time in life rather...
SHORTS ARE ONLY VALID IF WE GET A WEEKLY BREAK OF THE SUPPORT.
Let us break this down.
We had a downtrend, followed by a failure to breach of the weekly support creating a double bottom.
Since then we've had the pullback 61.8% usual retracement, which has held, creating another lower high for the next impulse move.
Great RR here 1.65500 is the target which is...
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 reached 61.8 & 78.6 retracement zone and took an entry expecting the chart to play out with the fib extensions aligning with resistance and previous daily highs.
These highs need to be wiped out before we move lower where a double top structure or similar would confirm this, that would be next week potentially unless we stick with the bullishness.
Price is moving within a flat channel and it has the potential to bounce from the support towards the resistence zone. We will be waiting for a buy setup on a lower times to confirm the up move.
Always keep in mind it is a game of probabilities!