Euraudshort
Wed 9th February 2022 EUR/AUD Daily Forex Chart Sell SetupGood morning fellow traders. On my Daily Forex charts using the High Probability & Divergence trading methods from my books, I have identified 1x new trade setup this morning. As usual, you can read my notes on the chart for my thoughts on this setup. The trade being a EUR/AUD Sell. Not the best pair to trade on the Daily charts these days, but a valid signal all the same. Enjoy the day all. Cheers. Jim
EURAUD 3:1 short opportunityWith most DXY pairs in retrace mode this week I am more comfortable trading usual pairs like EURAUD for now and we've got a perfect entry here at the support of the channel and the stochastics which have been pretty profitable recently are back in overbought area. Let me know what you think in the comments
EURAUD Getting Short..Here we have our EURAUD FX chart..
We are looking short at the current resistance area. We have seen plenty of Candle wicks form as price gets rejected and we are attaining the same bias. We are reaching the upper boundary of the Rising Price Channel.
There is Room to fall and this area is key to getting Short.
Look for your Exit from the short trade around the Dotted line area.
EUR/AUD short positionConfluence based on:
BOS (Break of market structure) on H4
Candlestick pattern (awaiting buyers in the market) on H4
Fibonacci retracement on H4
Once confluence is seen on H4 will go to lower timeframes (15/30 min) and await further bullish momentum for entries.
Also keep in mind news (fundementals) as price will either hit SL alot faster or TP will be hit faster.
Tp1 @ -27%
Tp2 @ -61,8%