James-LFA

EURAUD break of ascending channel with pending retest

Short
FX_IDC:EURAUD   Euro / Australian Dollar
Here we have had a strong break down from the EA daily/h4 ascending channel . Textbook price action in this case is a retest of trend line or resistance zone before entering sells. We can have high confidence in this set up, especially because the daily and h4 both broke a lot of market structure on the initial break down. As the chart pattern is high time frame, I will need h1/ h4 confirmations before taking entries. Risk Reward should be high as there is a lot of room back to the downside, even just to the low formed by the initial break.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.