QuileHills
Short

EURAUD Rejected from Resistance Zone?

FX:EURAUD   Euro Fx/Australian Dollar
825 14 23
I have a sell stop order pending as shown with a tight stop loss as EURAUD             appears to be struggling to break this 61.8% fib resistance while showing bearish divergence on the 1H RSI .

My goal is to short this pair down to just above the channel support (red line).

R:R of position shown: 5.83
Trade active
Comment: Draghi stopped me out but I'm re-entering at 1.49996
im in
Reply
Thank you for sharing, I took this one two, but is it possible, that this is just a corrective phase, after completed imp. wave...so the target would not go so deep?
Reply
QuileHills sketchmaster
Absolutely possible. I'll probably secure profit if/when the pair passes that first fib support. Proper position sizing for this stop loss will also protect from complete annihilation if the trade set up is invalid all together.
+2 Reply
Thank you for your reply. GL
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any fundamental drivers that will support this sir?
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easy to get sucked into this one based on the smaller t/f divergence; wouldnt surprise me if we went higher/1.52305 before it drops
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This pair have a correlation on Aud/Chf
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QuileHills pipslover
Yes, inversely. -97% correlation.
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still in for me :D
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QuileHills king.cholette
I'm back in. Draghi should be sleeping now, hopefully the RBA treats us well.
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saidev99 PRO QuileHills
Thanks for your tip!! Got stopped out by Draghi!! Will let is run till around 1.485....then decision time...any suggestions??
Reply
saidev99 PRO QuileHills
To clarify...got in at 1.501
Reply
Thanks for the update
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