EURAUD - Here is an idea to go long on this pair on the daily timeframe.
This pair has formed a Higher Low (HL) and has broken resistance zone at 1.487.
You can also see that that zone is the neckline of an inverse head and shoulders pattern. Another reason supporting a buy trade.
MACD histogram is above zero line and supporting a bullish trend although the bars are still in black (No bullish confirmation yet. Take note).
TP1 is at 1.504 and TP2 is at second resistance at 1.5135 level. Taking a trade that targets TP1 will not give us a good R:R ratio. Targeting TP2 will give us R:R at 1.73.
SL is placed just below the neckline level at around 1.4865 level.
If you want to take this trade, go down to the 1hour or 15 min chart and look at the best level to enter.
Cheers !
Ad Victoriam.
This pair has formed a Higher Low (HL) and has broken resistance zone at 1.487.
You can also see that that zone is the neckline of an inverse head and shoulders pattern. Another reason supporting a buy trade.
MACD histogram is above zero line and supporting a bullish trend although the bars are still in black (No bullish confirmation yet. Take note).
TP1 is at 1.504 and TP2 is at second resistance at 1.5135 level. Taking a trade that targets TP1 will not give us a good R:R ratio. Targeting TP2 will give us R:R at 1.73.
SL is placed just below the neckline level at around 1.4865 level.
If you want to take this trade, go down to the 1hour or 15 min chart and look at the best level to enter.
Cheers !
Ad Victoriam.
Trade closed manually:
Trade closed manually at 1.5050 with a nice profit.
Founder of www.ProTradersNetwork.com, home of the TMG Titan traders who uses TMG Titans Pro Tools developed by Ardy.
TMG Pro Tools (MT4) includes: TMG Grid Master Pro, Titan Ranger, Grid Calculator, Titan Timer and TMG Livewire Pro
TMG Pro Tools (MT4) includes: TMG Grid Master Pro, Titan Ranger, Grid Calculator, Titan Timer and TMG Livewire Pro