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...
I’m guessing a buy trade with it breaking the resistance line and three points on the support line and looking for it to push towards the 1.65000 mark and hopefully a sell trade when It touches the tp which I have set at 1.65000
And a sl at 1.63000 after a big bearish movement if any advise please advise me
Interesting trade I am looking at for EURAUD.
We made a huge dump from the demand turned supply zone, and we have started to recover from one of the previous demand zones.
This indicates to me personally that we will see a retest and rejection at this level and then a further dump back down to the demand zone (marked).
As always be cautious trading, especially...
Following the previous analysis, I managed to take profits along the way and, most importantly,
secured them by making this trade a free-risk one. Price tested our major trendline structure (more of an area than just a line), almost hitting
Could have waited for a lower high formation, but the wick rejections might tell us otherwise.
Also, we expect a...
We have been watching the recent weakness in Bund yields and other European rates driven by further lockdowns across Europe. meanwhile, given we are NOT risk bears we continue to use the AUD as the risk proxy for equities. EURAUD has failed in 1.6550/90 zone multiple times this year which gives nice risk reward short setup. Sell at 1.6540, stop above 1.6600,...
Price should continue its course to the 1.60000 area, on the daily we can see a clear retest of the zone (purple rectangle). On the 4 hour price is rejecting the zone as well as the 38.2 fib. level which could mean price will continue to dump. I will continue to hold since the structure hasn't changed on the daily. Please do not take this as financial advice this...
Please remain patient, we need this pair to give us a clear direction of where it would like to go. I have labelled the levels I am interested in, I will be waiting for breaks followed by re-tests and rejections before considering positions.
ERROR - bottom one should be hold BELOW
According to COT data - 55% long
I believe my initial analysis of this pair was incorrect, upon further analysis we can see divergence on the weekly TF, as well as price, breaking the weekly trendline
If you notice we also have a rising wedge pattern which is another indication of a change in trend
We will wait for a breakout and a retest before entry on a lower TF
This pair may provide a nice selling opportunity after breaking out of a long term ascending trend line as well as rejecting a key level, I expect the price to show some signs of rejection here now that we are touching the previous significant structure. If we see a good selling indicator from this level I will enter with my TP set at the key level marked.