If we look at the historical chart on EA we have an impulse down from an all time high so I'm looking for a C wave down on the monthly chart.
In the internal ABC up on MN we have bearish divergence. This doesn't mean internal wave C is over, it could become more complex but from here on out I'm only looking for sell setups on the lower time frames with the ultimate target of the low of wave A.
Even if your a swing trader or scalper on the lower time frames to be successful at trading you need to trade in the direction of the higher time frames, this is where a lot of unsuccessful trader's get it wrong and wonder why they don't make money. They simply don't look at the long term picture!
W1 We got a higher high giving sign's of bearish divergence, it's only a matter of time before this pair fall's over.
The number one biggest thing I have learn't over my year's of trading is less = more
Start looking for sell setup's!
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EURAUD D1 Wave C Down. (H4 Chart), Checkout the idea for the complete picture thank's!
Sell is the way to go since the name of the game is devaluation. Especially this pair can give a good rollover credit for holding on days, weeks, months. Thank you!
Boon2
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@Siegemp555, Your welcome, Yes you bring up an important point I always consider in all my long term trades and that is it must have positive swap.