nmike
Short

EurAud RELIABLE topping / bottoming setup

FX:EURAUD   Euro Fx/Australian Dollar
1879 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.
BubbleBurster
3 years ago
Hidden divergences incoming on the weekly chart and soon to be monthly chart. 2014 will see bullish continuation. Prepare yourselves.
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nmike MOD
3 years ago
.....interesting to see where this topping pattern is taking place
snapshot
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Nickmail
3 years ago
doubletoped head & shoulders
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BubbleBurster
3 years ago
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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AncientM
3 years ago
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
3 years ago
@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.
snapshot
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AncientM nmike
3 years ago
Thanks mike for your reply.
Was a bit busy to reply.
Cheers
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nmike MOD
3 years ago
din't quite make it to trend line support, price is currently above 10ma could climb to test previous high
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nmike MOD
3 years ago
.......since publishing, price stayed below the 10ma.....trend line support was hit
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nmike MOD
3 years ago
.....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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nmike MOD
3 years ago
......EURAUD currently at long term KEY resistance,price actions is bullish,next likely target is around 1.547
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