Technician
Long

#EURAUD: Breakout Long | #FOREX

FX:EURAUD   Euro Fx/Australian Dollar
1480 12 16
*Update: Stopped out

EURAUD             Technical Analysis

I have published a bullish outlook for the pair last week you can find it here
EURAUD: Triple Bottom Breakout

The price reached my first two targets before retracing back lower, where i think this is another opportunity to go long following the breakout above the 200-days SMA and the price has formed a bullish hammer candle hinting renewed bullish pressures.. I put my limit buy order a little bit lower due to money management reasons.

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Technician
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HI Technician. There are bearish hammer in weekly charge. What you think about it? thanks
Reply
Technician TOP shahinsafarovzevs
2 years ago
Yep, you mean a bearish shooting star( the inverse of hammer). Well, generally, i don't count on a single candle for my bias. But anyway, we might see a push towards the high of that shooting star and that would reach my target.
-1 Reply
majidmem
2 years ago
Pls see elliot wave in daily
the pair is on wave 4
Reply
Do you think this trade is still valid if you are stopped? I'm looking for an entry around 1.4534. I'm asking because I read you once say that stops should be below an area where the trade is no longer valid. I'm just wondering if this is the case for you here also. cheers
Reply
Technician TOP Cryptoelite
2 years ago
Not In this particular trade, even if i get stopped out there are plenty of support below and around the 200-days SMA, so if i see another bullish hammer or signal i would consider longing again..
-1 Reply
Cryptoelite PRO Technician
2 years ago
good looking 4H candle atm as you said on the 200SMA. Would you think a break of this candle high a pretty good signal?
Reply
Another losing trade, My perofrmance dropped in recent trades
-1 Reply
EKolev1 Technician
2 years ago
Not to worry Technician, your performance will drop by 38.2%, then will pick up again! I recently decided to follow the leads from some of the popular traders on here to see how it goes so I lost on this one too :) In a way it makes me feel a little better about my own terrible performance.
Reply
Technician TOP EKolev1
2 years ago
:) thanks mate all goes technical ;)... Lets see if the GBPJPY trade reaches target...
-1 Reply
DerekUweri71 Technician
2 years ago
Hi Technician, you win some you lose some. Price appears to be respecting a 4H trend-line. Is it fair to say we are still in a bear trend and therefore look for bear set ups?
Reply
Technician TOP DerekUweri71
2 years ago
well my friend the price action looks rather sideways for me , look at price fluctuating between the 50 and 200-days averages. I still have a bullish bias though as long as above the 200-days average, that doesn't mean we should long, but if i see a nice four-hour price action confirming a possible rebound i would go for it again. Breaking the 200-days SMA and more precisely 1.4418 low will shift my bias to the downside. In general, i use my bias as a first filter for a trade, the second and more important filter is the price action that confirms that bias and signal the trade.. Good luck mate
-1 Reply
DerekUweri71 Technician
2 years ago
Ok, we'll keep an eye on it.
Reply
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