EURAUD: Looking for a Bearish Run

FX:EURAUD   Euro / Australian Dollar
If we end up getting a LLLC here on the EURAUD             , my prediction for the next place that we'd see some buying pressure at is down at the 1.5050's-1.4950's level.

As a buyer, that's where I would look next if I'm interested in trying to catch a pullback. If I'm a seller, then I'm looking for a retest of previous structure & a chance to hop on the downward move in anticipation of the level mentioned above.

Akil Stokes
Chief Currency Analyst & Head Trading Coach
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Thanks Akil .
Akil, you mention range bar charts more often than before. But Lets say I`ve backtested EURAUD on 1hr chart...should I backtest also range bar chart on 5, 8 , 13 tick etc?
+1 Reply
It's going to be extremely hard to get enough data to backtest the range bar charts. Your best bet would be to forward test it. You should be used to the type of movement, what I found was the biggest adjustment was the speed & the attention that they require
Davis Akil_Stokes
alright, and are there any suggestions what range to use (5, 8, 13) appart from the speed and attention?
+1 Reply
Nope, none are magical just a speed difference
Davis Akil_Stokes
Thnak you man!
+1 Reply
No problem, I hope you enjoy them. A little different but can be really good for reading pure price action in my opinion
In most cases I would look at 5 range= 5min 8 range = 15 minute 13 range = hourly (Obviously it's different per pair, but those are some basic comparisons)
Davis Akil_Stokes
wow...8range = 15 min and 13 range = hourly. Had no idea about that. Its just something different and may come in handy sometimes. Very valuable info and very valuable conversations with you as always. Thank you really!
+1 Reply
No problem, again those aren't exact, a better comparison would be to compare ATR's but in general that's what you can expect movement wise
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