This trade is really going to test my patience as a trader but it
EURAUD
is currently sitting inside of a MAJOR resistance zone that has only successfully busted through only and stayed on the other side of it 2x since 1993 (the latest occured in 2010). This market is also producing a H&S pattern on this zone (between 1.56398 and 1.58806). This is a very longterm trade that will take months if not over a year to complete. Please tell me what you guys think!
Entry: around 1.574 area
SL: approximately 1.60575 area (200-300 pips)
Final Target: 1.36267 (over 2000 pips)
EURAUD
is currently sitting inside of a MAJOR resistance zone that has only successfully busted through only and stayed on the other side of it 2x since 1993 (the latest occured in 2010). This market is also producing a H&S pattern on this zone (between 1.56398 and 1.58806). This is a very longterm trade that will take months if not over a year to complete. Please tell me what you guys think! Entry: around 1.574 area
SL: approximately 1.60575 area (200-300 pips)
Final Target: 1.36267 (over 2000 pips)
Comment:
Forgot to mention that RSI divergence is overall sloping downward (another sign of an impending fall regardless of latest price action breaking above the RSI trend line)