Captain_Walker

EURAUD (1W) - DESCENDING WEDGE

Long
FX:EURAUD   Euro / Australian Dollar
In other analyses I paid respect to weekly positions. These are where the power truly is. Occasionally we spot a key position in the market where we can find opportunities on lower time frames.
This does not mean I'm going long on this weekly. However, I'd be looking to go long on daily or 4H charts.

Descending wedge patterns on occasion herald a bullish rebound.

There is a key level of support which could break down further. I do not predict. The difficult decision here is whether to go long now with a very wide stop-loss or wait for a rebound off the level of support. Traders with smaller accounts may not be able to withstand a 400-700 pip loss. Those traders should avoid this setup.


Disclaimer: The information provided herein is opinion only. Under no circumstances do any statements here represent a recommendation to buy or sell securities or make any kind of investment. You are responsible for your own due diligence. To summarise, I do not provide investment advice, nor do I make any claims or promises that any information here will lead to a profit, loss, or any other result.
FED balance sheet 42% of GDP @ 2020-01-26. Does money have value anymore? [Different perspective on the virus https://youtu.be/NjTdvALChwk ]