Hi guys,
just wanted to share with you this simple structure analysis on EURAUD. As you can see on the left hand side of your screen, this pair finally broke the 1,41 strong support that has been created previously. In this case we know it is a short signal, but we should wait for a retracement instead of chasing the price.
So, i wait patiently and now price is up to the broken support that could become resistance once is broken. Thus, i start looking for clues on lower timeframes such as 4H and 1H.
On the right hand side of the chart there's the hourly chart of this pair and you can see price has formed a double top followed by a break of structure to the downside, and this represents the selling signal were looking for in order to enter the market.
I'll wait for a 618 retracement and then sell at market with stops above the highs and target1 at the retest of the lows.
Target2 to be determined.
I'll keep you updated.
If you want to share your standpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
just wanted to share with you this simple structure analysis on EURAUD. As you can see on the left hand side of your screen, this pair finally broke the 1,41 strong support that has been created previously. In this case we know it is a short signal, but we should wait for a retracement instead of chasing the price.
So, i wait patiently and now price is up to the broken support that could become resistance once is broken. Thus, i start looking for clues on lower timeframes such as 4H and 1H.
On the right hand side of the chart there's the hourly chart of this pair and you can see price has formed a double top followed by a break of structure to the downside, and this represents the selling signal were looking for in order to enter the market.
I'll wait for a 618 retracement and then sell at market with stops above the highs and target1 at the retest of the lows.
Target2 to be determined.
I'll keep you updated.
If you want to share your standpoint or ask questions, feel free to comment below.
Otherwise, see you in the next chart!