Get started
Samuel_Morton_Trader

Short-term EURAUD long - daily time-frame - price action w/ RSI

Long
Euro / Australian Dollar (FX:EURAUD)  
Samuel_Morton_Trader Updated   
FX:EURAUD   Euro / Australian Dollar
Chart Patterns Technical Indicators EURAUD euraudlong euraudanalysis head_and_shoulder priceaction priceactionanalysis priceactiontrading
7
0
chartpattern indicator euraud euraudlong euraudanalysis head_and_shoulder priceaction priceactionanalysis priceactiontrading
EURAUD looking clearly oversold and due a retrace move. RSI confirms this.

Price at daily horizontal support and potential head and shoulder neckline.

Stop loss set below recent lows and support level (1.5535). Also placed below the psychological level of 1.5550.

Take profit at potential tip of 2nd shoulder, horizontal resistance and around the moving averages (dynamic resistance).
Trade active:
Entered when idea was published (1.5588).

Stop-loss now moved to just over break-even.

Price above the 50 and 100 SMA on the 1 hour time-frame.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.