EURAUD is at a critical level. Currently sitting at resistance we need to watch to see what price will do. We have two possible harmonic patterns that could play out, both resulting in major pips. We have already completed the 5th level of the Elliot wave and now price is in the corrective mode. This is what leads me to think that the bullish deep crab could be the harmonic pattern that will play out. The goal is to respond to the market and not to react to it. So patience is needed to see what price is going to do. Let the market makers show you their hand, let price come to you and then and only then do you make your move
If price shows you a selling opportunity by using price action enter the trade. Using candle by candle stick analysis and chart patterns you will be able to determine if you should stay in the trade or exit the trade.
I am waiting for price to come to 1.61245 or the 1.6QP and see how price will react at those levels. If price makes a Higher Low we could be heading for the crab. I will need for price to break the level of resistance it is currently at to give me a better aspect of confluence.
Once price reaches one of those critical levels I will then go to a lower time frame and look for a nice entry to get a better and tighter stop loss. Thus allowing me to have good risk management.
Until next time remember expansion in all ways always! This is done by using the higher time frame, it allows for major pips and time for you to enjoy and live your life without being tied to the charts.
Duces
Firstladyharmonic
If price shows you a selling opportunity by using price action enter the trade. Using candle by candle stick analysis and chart patterns you will be able to determine if you should stay in the trade or exit the trade.
I am waiting for price to come to 1.61245 or the 1.6QP and see how price will react at those levels. If price makes a Higher Low we could be heading for the crab. I will need for price to break the level of resistance it is currently at to give me a better aspect of confluence.
Once price reaches one of those critical levels I will then go to a lower time frame and look for a nice entry to get a better and tighter stop loss. Thus allowing me to have good risk management.
Until next time remember expansion in all ways always! This is done by using the higher time frame, it allows for major pips and time for you to enjoy and live your life without being tied to the charts.
Duces
Firstladyharmonic