Hi guys,
here we are on the 4H chart on EURAUD, i've been watching it for quite a bit now. As you can see price is now testing a key resistance level that also lines up with the 618 retracement of the previous leg. As soon as price came to that zone, it got immediately rejected by some selling pressure.
I'm selling at 1,413s level, with stops just 2-3 pips above 1,4200. Target1 would go around 1,4050.
If it breaks the head and shoulders neckline it could go all the way down to 1,3900 and even further.
I'll keep you updated.
If you want to share your view, or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
here we are on the 4H chart on EURAUD, i've been watching it for quite a bit now. As you can see price is now testing a key resistance level that also lines up with the 618 retracement of the previous leg. As soon as price came to that zone, it got immediately rejected by some selling pressure.
I'm selling at 1,413s level, with stops just 2-3 pips above 1,4200. Target1 would go around 1,4050.
If it breaks the head and shoulders neckline it could go all the way down to 1,3900 and even further.
I'll keep you updated.
If you want to share your view, or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade active
Comment:
Good price action, 618 seems to hold:
Trade closed: stop reached:
Very very frustrating trade, price hit our stop loss by a single wick and then reverse instantaneously. Don't be discouraged by this kind of facts. The analysis was good and probably it'll work, we were just unlucky here.
Comment:
As i mentioned, price fell down.