EURAUD: Bullish Swing Play

FX:EURAUD   Euro / Australian Dollar
3732 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
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
My best regards
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Update: Second half stopped out at break-even
Hey technician, Is it a good idea to re-enter into this setup with good conformation?
moneymaking moneymaking
Conformation being like 61.8% retracement level at previous higher-high.
Do you think it is time to reverse ?
Technician FXLookingbest
Have no idea :)
-1 Reply
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 :)
Technician moneymaking
PPl like you keeps me up, thanks..
+1 Reply
Technician moneymaking
yep, we already booked profit for the first half, let the second half run.
-1 Reply
Technician Technician
And of course Stop loss moved to break-even
+1 Reply
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