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.
Patience pays, remember every level will eventually be broken. got some positions in (0.01 lots) there are 2 scenarios here.
1.My stops will be hit.
2.My tp will be hit.
either way i have accepted a loss before ive accepted a win.
Abit of advice from a noobie, before you take a position dont have expectations. so dont go into a trade with winning in mind....
Orange = support
Purple = resistance
It is crazy how well this pairing respects strong support and resistance levels, if you are a beginner then defiantly stud this pairing and GBP CAD as they show more respect to these levels than any other pairing.
Now we set some orders at both these levels and price has just touched our sell order so we are now live and will...
Simple really, I got this chart up and it took me 30 seconds to spot this level, Drawn on are orange arrows where price has tested and respected this level as support, it really is not hard to see at all.
So price has already touched this level and bounced slightly, we have set some orders around our support line so if price comes back down to this line our...
Purple arrows = resistance
Orange arrows = support
You can see where price has been respecting our zone as support and resistance... its that's time again, price is currently in our zone so we are expecting a bounce and some movement to the upside to end the week with a strong push... Lets make that money for a Saturday night out on the town ;p CHAMPAGNE ANYONE? haha
At the moment we have this pair ranging after it's trend line breakout on Friday creating uncertainty whether it will return to the downside or not. Patience patience patience, let it breakout to either side of the box THEN enter!
EURAUD - Daily time frame. I was anticipating a reversal pull back on this pair for a few weeks and now i can see this pair and euro pairs falling into a corrective structure on daily time frames. After this big corrective move I see further strength in euro pairs and another extension/impulsive move to the upside on weekly time frame.
EurAud - H4 chart - I prefer shorts due to the current H4 structure which shows many confluences for downside including a H&S pattern, retest of trend lines and supply zones and a fib retracement with targets down to the next H4 support. Decent Risk to Reward on this trade.
Eur/Aud - Weekly chart - I see a break of trend structure on weekly chart so I am expecting bullish moves from this pair now. Looks like we may have created a higher low on weekly chart. great risk to reward.
if you take a look at the daily chart of this pair you'll notice right now we're testing a previous structure level that acted as resistance in the past. Being the case, i want to look for reversal setup down on lower timeframes, such as 1hr and 4hr. As you go down on the 4hr chart, it's apparent price is having some troubles breaking through 1,5050 level...
Currently entered into a short position on the the EURAUD. Confluences on the chart.
- Multiple 4hr wick rejections of monthly resistance
- 2 daily TF rejections (tweezer tops)
- Momentum slowing
- 4hr broken through lower trend line
here we are on the 4H chart on EURAUD, i've been watching it for quite a bit now. As you can see price is now testing a key resistance level that also lines up with the 618 retracement of the previous leg. As soon as price came to that zone, it got immediately rejected by some selling pressure.
I'm selling at 1,413s level, with stops just 2-3 pips above...