Technician
Long

EURAUD: Bullish Swing Play

FX:EURAUD   Euro Fx/Australian Dollar
3724 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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moneymaking
2 years ago
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 :)
Reply
Technician TOP moneymaking
2 years ago
you welcome my friend
-1 Reply
Gweedy
2 years ago
Well observed. Have you considered this being a weekly trendline break and retest and continuing lower ?
Reply
Technician TOP Gweedy
2 years ago
please provide a chart so i can understand
-1 Reply
Gweedy Technician
2 years ago
Of course.

EurAud Short Setup

Reply
Technician TOP Gweedy
2 years ago
Mate, a monthly trend line should be drawn on a monthly chart.
snapshot
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Technician TOP Technician
2 years ago
and it actually supports the bullish outlook
-1 Reply
Gweedy Technician
2 years ago
That it does. Thank you.
Reply
vdubus PRO
2 years ago
lol I'm looking at it this way. Think i'll wait now :/
snapshot
Reply
Technician TOP vdubus
2 years ago
You could be right and i could be wrong.
-1 Reply
vdubus PRO Technician
2 years ago
it'll go sideways now you watch lol
Reply
vdubus PRO Technician
2 years ago
anyones game ?
snapshot
Reply
Technician TOP vdubus
2 years ago
Don't prefer the very short-term intervals...
-1 Reply
vdubus PRO Technician
2 years ago
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.
Reply
Technician TOP vdubus
2 years ago
Yep, it's really tough.. but will come with time
-1 Reply
moneymaking
2 years ago
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?
Reply
Technician TOP moneymaking
2 years ago
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.
Reply
moneymaking Technician
2 years ago
Alright, great thanks technician. I entered at 1.4055 lecel. Let's wait and see how this plays out. Good luck :)
Reply
Update: Trade is active
Reply
moneymaking Technician
2 years ago
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?
Reply
Technician TOP moneymaking
2 years ago
Generally i dont like the idea of adding to the position at worse risk-reward.. I dont apply pyramiding.
Reply
moneymaking Technician
2 years ago
But if keep using trail stop, then you keep on reducing your risk on your position.
Reply
Technician TOP moneymaking
2 years ago
For me, trailing stop is a myth..
Reply
moneymaking Technician
2 years ago
Hehe :)

Reply
moneymaking Technician
2 years ago
This trade is going pretty well, at least for now. Don't know if PMI news will take away all our profit :)
Reply
Technician TOP moneymaking
2 years ago
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
Reply
ashif030
2 years ago
hello technician, is it still running???
Reply
Technician TOP ashif030
2 years ago
It's still running...
-1 Reply
ashif030 Technician
2 years ago
thanks for reply....
Reply
itaskar
2 years ago
trendline achieved, very nice.
Reply
ashif030
2 years ago
it was great
1st target achieved.....
Reply
First target achieved
+1 Reply
moneymaking Technician
2 years ago
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 :)
Reply
Technician TOP moneymaking
2 years ago
PPl like you keeps me up, thanks..
+1 Reply
Technician TOP moneymaking
2 years ago
yep, we already booked profit for the first half, let the second half run.
-1 Reply
Technician TOP Technician
2 years ago
And of course Stop loss moved to break-even
+1 Reply
moneymaking Technician
2 years ago
Yup for sure. A risk free trade from here on. Everyone loves break-even trades :)
Reply
FXLookingbest
2 years ago
Do you think it is time to reverse ?
Reply
Technician TOP FXLookingbest
2 years ago
Have no idea :)
-1 Reply
moneymaking
2 years ago
Hey technician, Is it a good idea to re-enter into this setup with good conformation?
Reply
moneymaking moneymaking
2 years ago
Conformation being like 61.8% retracement level at previous higher-high.
Reply
Update: Second half stopped out at break-even
Reply
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