LewisGlasgow
Long

EUR/AUD - Bullish AB=CD MM

OANDA:EURAUD   Euro / Australian Dollar
Excellent swing trading opportunity just formed on EUR/AUD .

Trading Pair: EUR/CAD
Time Frame: 4 Hour Chart
Formation: Bullish AB=CD MM

Price has fully tested the potential reversal zone, I'm currently waiting on the next candle close before entering which looks like it'll be a hammer or doji .

I'll be closely monitoring the progress of price and RSI .
Comment: Apologies I made a mistake typing the trading pair, it should be EUR/AUD.
Trade active
Comment: Update on the 1h chart.

Comment: I've noticed another error in my post, the title should read "EUR/AUD - Bullish AB=CD RSI MM". I've come to the end of an 80-hour water fast, probably for the best as I'm mistyping everything lol!

Anyway, I do have an update for you all... Zooming in on the PRZ to see what's happening on the intraday timeframes.


This is worth paying attention to if support breaks as we may see a re-test of 1.61250.
Comment: Update on the 15m chart.


Looking for a break to the upside.
Comment: Movement to the upside, close above resistance.

Comment: TP 1 achieved, move your stop loss to break even and continue to monitor position.
Comment: To those holding, I would close out the majority of your position if not already... We may go short based on a smaller bearish bat, pay attention to this structure.

Trade closed: target reached

Comments

Beautiful chart
+1 Reply
LewisGlasgow MikulovicFOREX
@MikulovicFOREX, thank you!
Reply
LewisGlasgow SignalSwiss
@SignalSwiss, nice work! You said in your post the AB=CD is bearish, was this a mistake?
Reply
LewisGlasgow Alibanihashemi
@Alibanihashemi, great analysis :)
Reply
I have noticed this, but am also looking at the following, let me know your thoughts
Reply
@pezza82, yeah I saw that too, price structure is way off on XA leg that's why I didn't use it. Still possible though :)

This M structure looked interesting but it could only be a crab setup which isn't likely to happen.

Reply
pezza82 LewisGlasgow
@LewisGlasgow, yeah it would need to keep dropping for the 1.618 XA. But the way the EUR is falling anything is possible lol :)
Reply
@pezza82, don't see it happening but it's the first thing I saw on the 1h. Indeed :)
Reply
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