11021992
Long

EURAUD long entry at the retracemen

FX:EURAUD   Euro Fx/Australian Dollar
Hi traders,

Yesterday I posted about a EURAUD             looking for a long entry around the 1.4350 area, but price already went up like a rocket. The EURAUD             finally broke the steep bearish trendline . I am now waiting for price to retrace back to the most recent structure or the trendline . Stop goes below the lows at 1.45 area.

Entry: 1.46250
Stop: 1.44550
Target 1: 1.49188 = R:RR 1.73
Target 2: 1.51990 = R:RR 3.38

I wouldn't be surprised if the retracement doesn't go all the way down to my entry point, but in order to keep a good risk:reward ratio we have to wait.
I will be updating this as time progresses. Best of luck!
Comment: Moving entry to 1.4350.
Stop at 1.4250.
Targets will be given later.
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Moving entry to 1.4350.
Stop at 1.4250.
Targets will be given later.
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is this still valid?
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Excellent question. The entry at the retracement is still a good idea, but there is a slight problem with the current setup. I was going to update it during the weekend. Let me illustrate what the problem is.
snapshot


This new setup lines up with the other entry that I had on the EURCAD. If you want to take this trade, I suggest using the chart below.
snapshot
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