dojitrader
Long

3 Analysis Points To 3 Buy Zones

FX:EURAUD   Euro Fx/Australian Dollar
104 10 1
These ab=cd's do have a tight confluence
with all three point d @ 1.4470/80
within a large support zone from the daily chart .
However, a to b ratios of the smaller degree
don't really add confidence and a large support
zone requires larger stops
Chart #2
Shows measured moves of equal length
This points to a buy zone @ 1.4400/50
Closer to the bottom of the Daily support zone
https://www.tradingview.com/e/0XbSHAe4/
Chart #3
Several traders have discussed the Bat pattern
and that brought the internal 3 drive to my attention
for another long possibility @ 1.4420 which does
add to the strength of the measured move entry.
https://www.tradingview.com/e/rmBayXwa/
OR
The final chance is the Bat @ 1.4250 or so.
Huh !!! Thinking if I'm on the right side . . . ?
Maybe with all these buy zones I should be looking
for shorting the trend continuation ???
ForceFollower
2 years ago
So you're actually bearish until we hit your confluence zone?
Reply
dojitrader ForceFollower
2 years ago
Well, as I was finishing these charts, I thought to myself that if there
is such a wide buy zone - maybe I'm just fighting the trend and should
really be looking for shorts and go with the trend.
Which way are you looking to trade ?
Reply
ForceFollower dojitrader
2 years ago
Well, I have no simple answer. EA is in the strongest trend by my standards now (which is down). Everyone can see it's sitting on support level (noticeable on D1). And yet, noone is actually buying it. Look at that range at the top - it hasn't doubled to the downside yet. Any long positions at this point would have a hard time waiting for the bottom to form first.
https://www.tradingview.com/e/vYu3deCD/
snapshot
Reply
dojitrader ForceFollower
2 years ago
I believe you have said the prophet words:
"No simple answer" !
Thanks for your thoughts ~~~~~~
Reply
ForceFollower dojitrader
2 years ago
My pleasure, DT, as usual. :)
Reply
dojitrader
2 years ago
Still don't know which trade to take and standing aside.
Looks like the smart trade --- Was With The Trend !
Reply
ForceFollower dojitrader
2 years ago
I've already closed my short position. Enough is enough. I'm on the sidelines now. I'll be looking to reenter short when it's done correcting.
Reply
dojitrader ForceFollower
2 years ago
That does look like the trade.
Catching a falling knife is always asking for a little pain !
Masochistic me; I might take a "stab" at picking a bottom if
the candle sticks give me an enticing, bullish, reason ~~~~~
Reply
ForceFollower dojitrader
2 years ago
Yeah. Just ask yourself: "DT, what's so bullish about EURAUD?" or a little but harder: "Am I going to be the only one buying this shit?" :)
Reply
ForceFollower dojitrader
2 years ago
For comparison, ask yourself: "What's so bullish about GBP/NZD?", and you'll probably see the difference. :)
Reply
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