__SpecialFX__
Short

Short Side Channel Play

FX:EURAUD   Euro Fx/Australian Dollar
a year ago
Simple sell setup in EURAUD            

The larger trend in the pair is to the upside, looks to be in a bear flag at the moment correcting the last leg.

Support at 1.50 is a likely turning point for the pair and is set as take profit. Stop loss at spike high and above the down channel .
a year ago
Trade closed: target reached: Targets reached on the big Euro spike down. Wave structure looks like it could go down further, but closing trade due to thin liquidity during holidays.
kinggold
a year ago
why short at that level?
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__SpecialFX__ PRO kinggold
a year ago
It's the 61.8% retracement of the last leg 1.5255 - 1.5055
Normally I'd wait for a retest of the channel and fib confluence area, but because EURUSD is at some key resistance, so I went with the 61.8% fib
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kinggold __SpecialFX__
a year ago
I see, makes sense. Thanks
Reply
Trade Update - Nice selling pressure at the 38.2% fib. Looking for a break of 1.0580 lows to confirm the downtrend.
snapshot
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The first leg down has potentially finished as price is trying to break the trendline. Taking partial profits here ahead of targets
snapshot
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