Possible Short (VALIDATED)Confluences
1.Major Support broken on daily (validating resistance zone on the 4hr)
2.Price action still validated as price has not broken
3.Major confluence between daily resistance zone and trend line
4.Long Term Trend
5.Profit margin- 1:3
5.If price action reaches take profit and no signs of major reversal we hold trade
Takeprofit
EUR/AUD SHORT - PARTIAL PROFIT TAKENFX:EURAUD
As expected after falling back inside the familiar range the rate pulled back to test the upper boundary and turned around right on the spot at 1.4470. (watch the video on full trade idea here )
As I have closed a part of my initial position and my stop's at break even - I will be looking to scale back in the trade.
I will be looking for a pullback towards the possible former broken support as the new resistance at 1.4320-1.4335 and keep targeting the range base at 1.4130