EURAUD Short

[bigbax699]

Good afternoon, checking back up on EURAUD today. Last post I gave out two trade idea's for us to take. One was from the demand zone where price reversed previously, The other is what we are currently in. Price dropped through the demand area and then we got a lovely re-test. Currently sitting in 160 pips in profit. There is a big demand area below where the TP zone is. So a good place to take profit or hold to see what happens at that zone. If it breaks through that and the trend then we could see further downwards price action. Update to come next week, have a good weekend all. GLIYF

 

[davtrent55]

Yep, I see it falling further

 

[Amina El Mehdi]

I believe this will hit TP.

 

[Alex Stone]

only falls down

 

[bigbax699]

Good mornign all, new week begins. Happy to be reporting EURAUD gave us the extra push overnight to achieve out TP zone. Price hit trend and is currently sitting in a weekly demand zone . 240 pips bagged on this trade so a good start to the week. Theres a couple of trade idea's ive got for this pair. One is a reversal from this demand area. We could easily push up from here but still in a downtrend so wait for daily close on that one. Ideally a drop through demand will clear space for a further push south. So sell on the re-test of that break. price could squeeze in this corner so trade the winning direction. GLIYF

 

[bigbax699]

Good afternoon, today's pair is EURAUD . Looking to literally buy as I write now. Price has penetrated the demand zone , with that now broken we can make room for a move lower. Plus its also broker the long standing trend line and currently retesting that break. Couple of good confluences for the trade idea. Look for the reversal signs on lower timeframes and then enter. Will update in a few days. GLIYF

 

[Amina El Mehdi]

Australian dollar is strong as GBP lately. We can see the 1.50 level for sure.

 

[bigbax699]

Todays write up is more of a lesson into why we wait for confirmation to enter our positions and why to not just enter blindly because it looks like a good setup.
Last time we looked at EURAUD price had penetrated the demand zone and broker through the trend line . It was looking like a perfect break and retest and i was literally about to place a sell order. But price just kept on going up so invalidated the trade. As we can see it went up and respected the down trend. So now the same trade setups are still my same idea's. But I think it might be best to see where price goes out from this big wedge formation its being squeezed into. Patience will pay on this one . GLIYF

 

[Amina El Mehdi]

AUD is strong lately so i bet for more down move.

 

[bigbax699]

Afternoon all, EURAUD has now been squeezed into a corner and i think the market is about to show us the direction where we will be heading next. Personally I would like to see what i reported last time, a break below and retest to sell that 300 pip gap below. But we always go with the direction the market tells us, so lets wait to see if support forms first. Either way be ready on these setup's and trade the winning direction of the squeeze. GLIYF