EURAUD bearish wedge

I have been looking at this one for a while now. It seems the support of that wedge finally broke, so we should see more bearish movement coming period. The lower high is set, but not confirmed yet. Needs to break that green support (break the previous low) around 1.590 first. On the right it seems it broke a support line and now doing a retest of it.

I tend to get in small here, get another small portion when i see it might drop on low time frame and would make it a normal size if that green support breaks. So risking a small amount for a possible big win.

I will also do a swing trade on the side, because it has the potential of a long term play.


Previous analysis:

Comment:

So the resistance played out and got a nice drop already. At the moment it's making a small bounce from the support zone. Ideally price does not break out of this triangle. The triangle is not real (yet), but i am trying to show that we need to see lower highs from now on. Looks a little bit like a neckline, the green support. So if that one breaks, we should see an acceleration down. I would move stops to entry now.

Comment:

Perfect trade, never been in any trouble :). Doesn't happen often that it's this easy, but it's up to us to find the easy ones in stead of falling in love with a certain asset and trying to beat the market while sometimes there are easy trades lying around as well.

Anyway, i am closing half here now, in a support zone. So don't want to risk the good profit here. The other half, i will use a stop around the green zone i mentioned in the update above. I will keep the remaining position running, will try to update when i think the drop might be over.