#EURAUD: Breakout Long | #FOREX

FX:EURAUD   Euro / Australian Dollar
1489 12 17
*Update: Stopped out

EURAUD             Technical Analysis

I have published a bullish outlook for the pair last week you can find it here
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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Another losing trade, My perofrmance dropped in recent trades
-1 Reply
EKolev1 Technician
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.
:) thanks mate all goes technical ;)... Lets see if the GBPJPY trade reaches target...
-1 Reply
DerekUweri71 Technician
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?
Technician DerekUweri71
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
Ok, we'll keep an eye on it.
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 I'm asking because I read you once say that stops should be below an area where the trade is no longer valid.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
Technician Cryptoelite
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 Technician
good looking 4H candle atm as you said on the 200SMA. Would you think a break of this candle high a pretty good signal?
Pls see elliot wave in daily
the pair is on wave 4
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