FOREXEL
Long

Updated- possible near time range play with clear upside targets

FX:EURAUD   Euro Fx/Australian Dollar
159 10 7
Expect a pullback early in the week. Possibly directly at current price or at least as a triple tap at 1.4350 ( ish             )
Done expect a deep pullback but have placed my stop to cover a possible range play before going for upside target (very likrly imho)

2 TPs above at 1.618 and after yet another pull back - buy in again and go for 2.618
Price has not been able to cross above the pivot highs - but if the pivot low holds - I think you are right - could go a lot higher
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+2 Reply
FOREXEL kate25
I better adjust my stop! thanks for your input ))
+1 Reply
what does your 4hr chart look like if I may ask - before you adjust your stop
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FOREXEL kate25
What I saw when checking stuff based upon your feed-back is a possible inverse head and shoulders down at 1.3725 (ish) I will check 240 as well but you made me be aware of a clear down side threat as well on the daily, hence the increased SL for now
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This is a 2hr TF - price could very well blow through the top -
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FOREXEL kate25
aha ..interesting thanks )
+1 Reply
I think that pullback is complete - looks like demand is forming
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FOREXEL kate25
thanks for the heads up! time to go long then )) also pls see om about new chat group
+1 Reply
As a SD trader - price breaking demand is bearish - I would be a seller at supply level - the zone is 23 pips the demand that is forming is roughly 80 pips lower - I like the risk to reward
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SL at risk. possible inverted H&S at 1.3721 (right shoulder)
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