EURAUD: Hits Resistance, Ready for a Move Lower!

FX:EURAUD   Euro Fx/Australian Dollar
1899 19 16
Update: Trade is active now!
Update: First Target Hit, Moved Stop To Entry Point.
Update: Second unit stopped at break-even
Profit(pips)= +150.

EURAUD             is testing a key resistance level around 1.4575-1.4600 level

Daily chart:
-38.2 percent retracement level at 1. 4576             .
-Previous swing high and key resistance around that same area
-Bearish divergence on Momentum

Four-Hour chart:
-Minor double top formation with a neckline around 1.4515.
-Clear bearish divergence on Momentum.

I placed my sell limit order at 1.4525, targeting 1.4375 and 1.4245.Stop loss at 1.4600.

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
My trading ideas channel

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Skype: Technician - The forex channel
I really like the way you analysis the market thanks for helping me to learn
Beautiful idea, I follow you ;)
got some awesome intraday trades out of that! thank u so much!
best greez from austria
+1 Reply
Update: Trade is active now!
+2 Reply
Hello Sir (or Madam maybe),
Can you comment on what's your current target for this particular trade? I entered at 1.4503 and a take-profit at 1.4375...
Technician TOP justindanethan
Targets are put on chart, at 1.4375 and 1.4245
pmks1 Technician
Impressive precise .... ;-)
Impressive precise ... :-)
+1 Reply
1st target hit..
thanks bro.. learn a lot from you
+1 Reply
Update: First Target Hit, Moved Stop To Entry Point.
+3 Reply
thank you
+1 Reply
first Target hit. Thanks for sharing. much appreciated
+1 Reply
Do U see doji on the chart? Is it a bullish signal?
Technician TOP bogdan.saenko
I dont mind, I closed first half , stop now at break-even. But generally, the ECB is about to announce so euro might move sharply. Closing the position is not a bad idea.
+3 Reply
bogdan.saenko Technician
Thanks for your answer!
I agree with the rational behind this trade i am waiting for the pull back to the 61.8% on the Hr Chart to enter short
Update: Second unit stopped at break-even
Profit(pips)= +150.
+1 Reply
thanks technician
Technician TOP manijeh.kazemi.33
Thanks my friend..
+1 Reply
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