EURAUD ____ 7.9R BUY TRADE IDEAHello Guy, FX:EURAUD is one pair that has been on my radar and right now, it has entered a key weekly demand zone after taking out a daily buy-side liquidity. Not only that, you would notice on my chart I have marked out some buy-side liquidity pools on the 1-hour timeframe that the price would like to go hunting on its way up.
Another interesting thing to note is, if you go on the weekly timeframe, you would notice the particular candle that the price has just been taken out. That candle had a strong bullish impact and we have just closed below it on the daily, so I expect the market to react accordingly. It is also based on that candle that I have decided to place my TP at that price.
I would love to see the price go higher to sweep the other buy-side liquidity in the 1-hour timeframe but I am content with where my TP is.
As you guys know, trading is a long-term game and you will always leave money on the table.
There is no point in trying to have the best entry and exit. Just focus on each trade to win and that's all.
If you have any questions concerning this trade idea or anything related to forex, feel free to ask me.
I am still monitoring OANDA:USDSGD for a long. When I see my setup, I'd be sure to let you guys know.
See my analysis on USDSGD below
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Cheers Guys,
David
