The power of S/R trendlines

FX:EURAUD   Euro Fx/Australian Dollar
116 2 4
I think no much commentary is necessary, one can obviously see the power of the two longer term ascending trend lines I draw in. I think that if the lower one is again retested by PA it is a good chance to go long. If PA breaks out on the downside, which is a higher possibility, then we could have a very good chance for a short trade.

This is only to show that no fancy indicators or analysis is needed to make good trades based on trendline S/R structure identification.
a year ago
Nice analysis, the daily chart is shows very powerful levels as well. I think this could possibly be a huge drop.
+1 Reply
Koryphaeen PRO PhriedaB
a year ago
Yes indeed, if trendline support is broken I will look to get short on it. But I will trade a possible bounce off from it as well, because both long or short trades bear very low risk and possible high reward. Good luck! ;)
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