EURAUD
Updated
I am looking for longs today because looks like they worked hard from the start of week to establish lower highs and lower lows.
Today during London price dropped and made a new low and then pulled back.
I am thinking that now people are looking for continuation to the downside for price to go and make a fresh Lower Low.
Instead smart money will drive prices higher and I am looking at those equal highs that they set Tuesday/Wednesday as a potential target.
There is also the possibility that this is a trending cycle and that price will drop and establish a fresh low by the end of the week. To me tho just looks too clean. When something looks too good I like to look for the opposite.
Today during London price dropped and made a new low and then pulled back.
I am thinking that now people are looking for continuation to the downside for price to go and make a fresh Lower Low.
Instead smart money will drive prices higher and I am looking at those equal highs that they set Tuesday/Wednesday as a potential target.
There is also the possibility that this is a trending cycle and that price will drop and establish a fresh low by the end of the week. To me tho just looks too clean. When something looks too good I like to look for the opposite.
Note
TP 1 75 pips reach. Took 80% off, moved stop below the middle of the Asian range.I realized I moved the yellow horizontal line by mistake. I meant it to be at the low of Monday. That was my first target.
Trade closed: stop reached
Got stopped out on the 2d half.
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