FX:EURAUD   Euro Fx/Australian Dollar
Market reached key resistance zone around 1.4575 and formed double top .

Price broke and closed below the double top's neck. Potential 2618 setup is on the card. RSI is showing bearish divergence.
Hello Casey, Thanks for the idea. What would be the target?
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Casey_Yeo veronica75
Depends on your personal style and comfort level. Few possible areas for target 1. First option, move SL to BE after price gives 1:1 RR. Second option, move SL to BE after price hit 1.4480 (recent swing low, provided it is not taken out before reaching 61.8% retracement). You can also decide to take half your position off when target 1 met OR just keep everything on. Usually target 2 will be 127.2% fib extension taken from swing high to swing low. If you look at the chart above, 127.2 (end of arrow head) coincides with a support zone.
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Awesome! Thanks Casey!
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Casey_Yeo veronica75
You are welcome. Please make sure this fits your plan and strategy before taking it.
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This idea was invalidated as the swing low was taken out.
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