Cmasterza

Confluencing factors meet

Short
FX:EURAUD   Euro / Australian Dollar
Now that the market has pulled back after the breakout, a short opportunity based on the technicals has formed.

1. Breakout
2. Pullback to fibo levels
3. Sell signal candle ( doji )
4. Moving average pinned

for these setups the stop is best placed above the highs where the trade would be considered invalidated and the target is at least 2x the risk - in this case the first low of the rising wedge pattern is also a good target but with a 1:6 risk to reward ratio.



Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.

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Comments

Hi thank you for sharing this with us
I have a question: Why you have chosen EURAUD instead of EURNZD?
Reply
Cmasterza mohammadrezamah
@mohammadrezamah, I choose based on the quality of the setup. Here we had a great pin bar so I used it. I would not trade both pairs simultaneously due to correlation and increased exposure to the euro.

Perhaps I saw this setup first at the time too :)
Reply
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