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Sell setup on daily candle close for the EURAUD
Double top pattern with neckline break to confirm
Euro is still on the weak side for me this week along with the US Dollar and Pound. Nice simple set up here, hammer candle formation at a descending trend line. Target at fib extension, done.
The price is in the lower part of the bullish channel, and has created a support. So there are some possible buys.
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 ...
two different setups on this pair, there's a Gartley formation already completed and a 2618 that could be completed on the next hours.
As you can see in both cases we can earn some profits, keep in mind that this particular time i'm going to use 1 single target for the pattern (at the 2618 completion) with stops above the X.
If you want ...
today i've found another particular pair at a very important decision point.
As you can see above, here we are retesting a daily level that recently had been broken. This level lines up nicely with two powerful fibonacci retracements.
With that being the case, over the next days we are going to look for some opportunities in lower timeframes (1hr and ...