Ok that's it, this is one of those shitty, going nowhere breakouts that just waste your time and tie up your capital with phony moves. Total P/L on this trade: minus 7 pips, nothing to write home about. Oh well.
On the 1h chart EUR/AUD is forming a rounded top, usually a poor performer as far as chart patterns are concerned.
It did a funny think at around 44. I am out. Yes, you are right, some strong bars on the 1 min. I was not aware of the rounding thing. Thanks for sharing. I am still bearish on it. I plan to look at where to get back in.
Thanks, even though luck has virtually nothing to do with trading. But yeah, sure, I wouldn't mind an unexpected and immediate 500 pip profit due to some really, REALLY unexpected financial event
If this is of any help to you, the EUR/AUD is forming a bearish configuration on the daily chart, with a nice shooting star followed by two bearish candles. The EUR/AUD also made a huge 1500 pip move in 6 weeks without any significant pullback, so some type of correction is about to take place. However, on the 15 min chart, this pair has short term upside potential, a bullish engulfing pattern just appeared an hour ago...