nmike
Short

EurAud RELIABLE topping / bottoming setup

FX:EURAUD   Euro / Australian Dollar
1884 19 34
When Trix is overextended and diverging from price and Fisher it's a sign of a top or bottom, a reliable confirmation is when Fisher forms a sharp point and turns down. Currently candlestick price action is bearish , below the 10 ma, below the .236 Fib. level and all TRIXs are pointing down. Near term price target is at trend line support, failure to hold could see EurAud             fall to the .382 Fib level...... Indicator patterns and divergences must be confirmed by candlestick reversal patterns.
......EURAUD currently at long term KEY resistance,price actions is bullish,next likely target is around 1.547
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.....currently EA is a downward sloping channel, moving averages are tight with low Fisher readings, that signifies low volatility & no strong trends
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.......since publishing, price stayed below the 10ma.....trend line support was hit
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din't quite make it to trend line support, price is currently above 10ma could climb to test previous high
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Hello traders
May I ask why EURAUD will fall since AUD is very weak and this trend will continue! Just my clarification. Will appreciate any thoughts.
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nmike MOD AncientM
@AncientM the idea behind this chart is to show how tops or bottoms form using the Fisher- Trix system, but sometimes tops or bottoms patterns may just be small corrections from overbought or oversold conditions.In the case of EurAud this topping pattern is most likely just a short term correction.It might not be the time to short since the main trend is up but at least it would have been a good idea to take profit if you are a short term swing trader.Here is a sample chart of a bottoming pattern according to the Fisher-Trix system rules.
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Thanks mike for your reply.
Was a bit busy to reply.
Cheers
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Add a comment…Good work!
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It definitely could fall more. But I'll be standing ready to buy. Around 1.40 to 1.38

I shorted at 1.50 it was a wonderful ride down.

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good
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