FX:EURAUD   Euro / Australian Dollar
83 4 2
Looking at today's candle close (14/05/15), It's a strong bullish one,
PA was rejected from heading lower at round number 1.4000.
PA has been rejected multiple times on weekly and monthly on heading lower,
based on this and the power of the current daily candle, will
be looking to enter a small long here.

Will watch PA around 1.4500

Trade Closed for few pips due to rejection at the TL/100 MA.
Reply
Well IMO. The trendline you drawn is irrelevant. It has only been touched twice.
But going long now without confirmation is trading with uncertain risk.
See my chart. It has only but one final resistance to break before upmove is on its way.
Break of this resistance is key and confirmation to long trades.
Arrows indicating all bounces caused by the trendlines i have drawn out.
Happy trading Nian :)
+1 Reply
Nianzufx PriceActionTrading
Thanks for the input :), Ideally a clear break of the trend Line will confirm long.
Based on the bullish candle on your last arrow pointing up that bounced off the TL and engulfed previous candle, I'm able to go in with low risk in anticipation of a breakout bearing in mind based on your chart PA could pause/retrace at the final resistance at which point if it does risk is off the table (B/E).
Should price break the final resistance then there is opportunity to add and watch.
Cheers
Reply
Yes indeed. Just one final resistance to break and i am with you on this one. Great RR if you are already in :).
Reply
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