Analysis
-EURAUD at yearly highs.
-Bearish pinbar reversal closed on daily at resistance.
-All oscillating indicators are in overbought territory. (Candlestick patterns or price always precedes the curl back of oscillators from overbought or oversold conditions to normal conditions)
Trigger
Set pending sell stops on the break of the pinbar candle's lows.
Trade
Set stops above the highs of the pinbar and targets around 1.61 since price is likely to retest that level (previous resistance = support)
*Highest resistance shown is due to price rejection/range bound at that level from Sep 2015 to Mar 2016
-EURAUD at yearly highs.
-Bearish pinbar reversal closed on daily at resistance.
-All oscillating indicators are in overbought territory. (Candlestick patterns or price always precedes the curl back of oscillators from overbought or oversold conditions to normal conditions)
Trigger
Set pending sell stops on the break of the pinbar candle's lows.
Trade
Set stops above the highs of the pinbar and targets around 1.61 since price is likely to retest that level (previous resistance = support)
*Highest resistance shown is due to price rejection/range bound at that level from Sep 2015 to Mar 2016
Trade closed: target reached