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
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
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
Good afternoon all, looking back on the EURAUD setups today. I've taken the sell here from this freshly created supply zone on the daily. Last time we were looking for the break below but the demand zone held and price reacted from it. BUT it created a lower high on the bearish trend . that's why I took the sell from here. First TP zone is the demand below. If we manage to break it this time then we can hold to the bigger longer standing demand zone below that. Moving average is giving us dynamic resistance also so nice couple of confluences. GLIYF
Good evening all, hope you're enjoying your weekend so far. Best time to check up on our trades. EURAUD is going to plan nicely at the moment. We have dropped from supply as expected and currently 90+ pips up on this trade. Two things could happen here, break and retest of the trend, or the supply was enough to continue the bearish trend . Time to squeeze the market and see. Keep watching for now incase we need to close for profit, as always move SL to entry to make risk free. GLIYF
Good morning all. New week has already begun and EURAUD has been kind to us and moved in our desired direction since entry. Price currently sits at the bottom of this wedge and i'm going to call TP here at just over 160 pips. Just because its at a junction of confluences here, with the long trend line , the small wedge , and the demand zone . I'm still looking for the break and re-test below so keep your eyes out once we break out of this wedge . Have a good week all GLIYF
Good morning all, hope everyone's having a good Easter weekend. Marking up EURAUD today, last time i called TP on this positions for 160+ pips which was the correct decision in the end as price respected the bottom of the flag. As we can see we are now getting squeezed into a corner. Classic way to show us which way to trade next. I have marked up my two ideal trade setups for which I would like to enter with. The break up or break down, buy or sell on the re-test. Fairly easy trades to take so mark your charts and wait for price to come to you. GLIYF
Last time I looked at EURAUD we was waiting for a breakout of the flag. We got a big breakout to the topside. We have had a retest of the break and the current candle is consolidating. So I am looking at a buy option here. I would like to see price close above the moving average as its starting to turn to the upside. If support is found here on the lower time frames then I will take the buy from here up to the supply zone above. GLIYF
Looking back on EURAUD again today. Price has been consolidating virtually sideways for a good number of weeks now with no real direction, you can see this as the moving average is just horizontal. Looks to be setting up for the next impulsive direction. Again i'm using the technique of trapping the market into a corner to give us an indication of direction. Keep your charts marked up and trade the winning direction. Should be an easy trade to take on the retest of the break. GLIYF
Good evening all. Just a quick update on EURAUD . We were waiting for price to give us a direction for the next possible trade. This is an example why we wait for confirmation's. It looked as though we were about to get a downside breakout, But price had other ideas, looks to be a fake break out and now the daily candle has shot right back up. Again the setups are still valid but wait for the close above or below and retest then take the trade in that direction. Will keep an eye on this and update once a trade is taken. GLIYF