Technician
Long

EURAUD: Bullish Swing Play

FX:EURAUD   Euro Fx/Australian Dollar
3727 43 29
Update: Trade is active
Update: Closed first half at first target. Stop loss moved to break-even
Update: Second half stopped out at break-even


Going Long as price hits long-term Support
The price has hit a long term support area , much clearer on the monthly chart.
On the daily chart above, we have see a bounce higher and a break above the latest swing high and resistance at 1.4050. where i will be waiting for a retest of that broken resistance area , which should turn now to support.
The trade is also supported by a slight bullish divergence on RSI . and a potential falling wedge pattern,

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Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
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Technician
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Skype: Technician - The forex channel
Hey technician, nice trade setup. We also got higher-low made earlier, showing weakness in bear momentum. I did not had this under my radar but now I do, Thanks to you. Good Luck to You :)
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Technician TOP moneymaking
you welcome my friend
-1 Reply
Well observed. Have you considered this being a weekly trendline break and retest and continuing lower ?
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please provide a chart so i can understand
-1 Reply
Gweedy Technician
Of course.

EurAud Short Setup

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Mate, a monthly trend line should be drawn on a monthly chart.
snapshot
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Technician TOP Technician
and it actually supports the bullish outlook
-1 Reply
Gweedy Technician
That it does. Thank you.
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lol I'm looking at it this way. Think i'll wait now :/
snapshot
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You could be right and i could be wrong.
-1 Reply
vdubus PRO Technician
it'll go sideways now you watch lol
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vdubus PRO Technician
anyones game ?
snapshot
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Don't prefer the very short-term intervals...
-1 Reply
vdubus PRO Technician
Im foremost a Binary / options trader and in doing so have become too reliant on short term trade set ups, Finding the transition back over to FX quite challenging .
Jumping at every little reversal signal it's demolishing my account even though my entry & analysis was correct . I will get there but it's a hard thing to let go of.
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Yep, it's really tough.. but will come with time
-1 Reply
Hey technician, I just wanted to clarify one thing. So when you say a retest of 1.405 level, does that me you enter a trade after a good retest has occurred and wait for a bullish candle on 4 hr chart to enter into the trade? What I usually do is after getting a retest of a certain level, on the opening of next candle I place my trade. Would you call this an aggressive entry since I did not wait for a bullish candle to confirm that the level is a good support?
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Technician TOP moneymaking
mate, when i say a retest i mean just a retest without any further confirmation. I usually say that i will wait for a confirmation if i need it.
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moneymaking Technician
Alright, great thanks technician. I entered at 1.4055 lecel. Let's wait and see how this plays out. Good luck :)
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Update: Trade is active
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moneymaking Technician
Hey technician, would it be a good idea to apply pyramiding strategy as this trade goes on, if it'a within our risk threshold level?
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Technician TOP moneymaking
Generally i dont like the idea of adding to the position at worse risk-reward.. I dont apply pyramiding.
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moneymaking Technician
But if keep using trail stop, then you keep on reducing your risk on your position.
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Technician TOP moneymaking
For me, trailing stop is a myth..
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moneymaking Technician
Hehe :)

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moneymaking Technician
This trade is going pretty well, at least for now. Don't know if PMI news will take away all our profit :)
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Technician TOP moneymaking
mm lets see mate..
-1 Reply
Good one...
I've gotten in, and out already. Looking to buy back in again.
EURAUD: Go long during wave C
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hello technician, is it still running???
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It's still running...
-1 Reply
ashif030 Technician
thanks for reply....
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trendline achieved, very nice.
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it was great
1st target achieved.....
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First target achieved
+1 Reply
moneymaking Technician
Great work Technician. You are on a roll this week. One great trade after another. I highly appreciate you sharing your ideas with us. Thank you :)
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Technician TOP moneymaking
PPl like you keeps me up, thanks..
+1 Reply
Technician TOP moneymaking
yep, we already booked profit for the first half, let the second half run.
-1 Reply
Technician TOP Technician
And of course Stop loss moved to break-even
+1 Reply
moneymaking Technician
Yup for sure. A risk free trade from here on. Everyone loves break-even trades :)
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Do you think it is time to reverse ?
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Technician TOP FXLookingbest
Have no idea :)
-1 Reply
Hey technician, Is it a good idea to re-enter into this setup with good conformation?
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moneymaking moneymaking
Conformation being like 61.8% retracement level at previous higher-high.
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Update: Second half stopped out at break-even
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