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I added some tools to my portfolio and I am testing them these days. Two of them are EMA and SMA - we have a price crossing under SMA 100, which is a sell signal.
SAR indicator signals the same.
Possible Fibo retracement bounce from 50% level of previous downward move. We are probably not gonna touch the upper trend line.
Going short, trade opened.
Both longterm suggests a strong downtrend and now also the smaller scale we are going down again. I entered in short position.
I think we will not finish the big yellow uptrend to touch the trend line and we are instead going to touch the bottom again. I opened a short position now.
I have two scenarios in the works on EURAUD and this is their description. I am not in any position yet, but I will be searching for a good entry to long.
There might be an opportunity for a little short as well, until we have a good opportunity for a proper long position.
We now stopped in the shorter-term channel at the bottom and we have two options. I am in favour of more downtrend.
That is why I setup a second entry as sell stop.
I also have a great position from the top of the channel in a short position. I can collect my profits if the trend reverses and price bounces.
I had a nice opportunity to enter at the reentry into this big bullish channel and currently I am running nice profit.
There are two resistances ahead and some more if we go all the way to the red channel, red upper line is visible in this graph.
I will edit my TPs accordingly to price action.
We are in a downtrend within a larger uptrend channel, there is still plenty of room to go down a little. We need to wait for price action around the bearish upper trend line.
I am staying with the uptrend for a long position, middle term trade, but with tight SL.