workingtraders
Long

Long idea for $EURAUD

FX:EURAUD   Euro Fx/Australian Dollar
241 7 3
Will look to start a new long position in 1.42s...
long 1.42860 - update
Nice bullish MACD cross over.

Nice support with price action and Fibonacci here.

It appears to be very range bound between 1.50 - 1.4130.
isomorph
3 years ago
what fib? i have none. also, your Gartley BUY is not so harmonic (check the #s) and close to the top of this latest bull run on daily/weekly, doesn't mean much. usually, when close to a top, a Gartley SELL is more significant. (i'm not talking about the monthly picture obviously). on 4292 is the key S/R to the downside, and a close above midline bollinger @ 4363 and decisive taking out of 32.8 fib 4377 should trigger a long as right now we are still very much in OS territory and haven't even begun to come out of it. so MACD line crossing doesn't mean much in these circumstances.

here is an alternative scenario: market could very well start ranging from here on between the closest 38.2% fib @ 4377 and the S/R at 4292. up and down within this narrow range until it finally breaks down to the downside after all the OS oscillators had time to unwind and get back to their midline.

therefore, if we assume this is going to be the case, while keeping in the back of our minds that an upside breakout might happen on a first try at the 38.2% fib, dropping down to the lower TFs to play the range might be a higher probability trading strategy.

just my 2 cents.
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workingtraders isomorph
3 years ago
interesting. Thanks :).
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workingtraders
3 years ago
took 1/3 profit at 1.4370
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isomorph
3 years ago
just heard from interbank traders, trailing SL above 4390 and all the way up to 1.45.
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workingtraders
3 years ago
sold rest at b/e will renter in 1.42s...
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workingtraders
3 years ago
long 1.42860
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workingtraders
3 years ago
sold 1/3 at 1.43724
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