EURAUD Trade Plan

Here we have EURAUD on both the 1 hour (left) and 4 hour (right)
The one hour chart has extended it's gains in equal size as the first impulse to the upside. Impulse 1 and 2 are equal in gains. With that said, I'm expected this second impulse to retrace down to the previous resistance which will turn support.

The plan here is to wait for the retracement and then enter with a pending buy limit order on a retest of the future support area. So this trade plan mentions that I'm long, but I need this pair to retrace first and then I'll be interested in my long execution.

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Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.

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Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.