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.
veronica75
2 years ago
Hello Casey, Thanks for the idea. What would be the target?
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Casey_Yeo veronica75
2 years ago
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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veronica75
2 years ago
Awesome! Thanks Casey!
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Casey_Yeo veronica75
2 years ago
You are welcome. Please make sure this fits your plan and strategy before taking it.
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Casey_Yeo
2 years ago
This idea was invalidated as the swing low was taken out.
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