Now EURAUD is a pair I have come to build some what of a love hate relationship with over the past 6 months. Previously taking shorts at a similar level in January before being annihilated by the flash crash. Luckily I did re enter and caught a lovely 500+ pips. Anyway that's besides the point, currently we are back at this huge resistance zone, where we saw daily...
4h shows a very clear movement off resistance therefore indicating it is time for EURAUD to go down. retracement is likely to take place a number of time but the overall movement for this pair is downwards.
keep an eye on 15M for a good entry!
The better the entry = the more pips you catch!
We are going down under. As you can see price is nearly at a key daily and monthly level and we can only see downside bearish movement IF price enters our resistance zone again... we will be waiting for price to enter this zone before taking a trade though... be patient and if price drops now from where it is before entering our zone and you miss the trade so...
LOoking at EUR AUD we can see it spiked up heavily yesterday but shortly after the bearish momentum took over making price go back to the triple top and test it but shortly broke and we saw a drop of 60 pips+ inches from our 80 pip take profit but once we hit we'll look at entering again for the next target.
TP : 1.59400
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