It seems like the time is finally right to buy into EURAUD. There's a 4h downtrend signal time expiration after this bar's close, as well as a relevant level of technical confluence:
Fibonacci 0.382 retracement of previous impulse
Range expansion support
Low volume profile support
Correlation to gold: Australian dollar will suffer, gold breached the weekly mode down, so it's probable to see AUD weaken.
Stop loss should be below 1.43296, or using daily 3 atr value for it, or 1 atr below the low after the close. Depends on your preference. I will have no TP, and will watch the hourly chart for entry, but you could enter now with a wide stop and average the entry as well. Good luck, Ivan.
Triggered a buy at 1.4452, stop under the current swing low for now (hourly setup).
Target is initially a retest of the bearish daily range expansion support, and if crossed up, new highs (aiming for the weekly uptrend target)
moorekapital
⋅
Could Pierce RE
moorekapital
⋅
You Are A Good Coach, IVAN!!!!!!
URIFX
⋅
I am waiting for breakout of higher level to buy
Thank for your idea!
IvanLabrie
⋅
Depends on your rules of engagement.
Right now, I'm using the hourly to get in, and we have some news coming out during the London session, we might see a move up into your target zone.
URIFX
⋅
Yeah! Price is moving up! Let see how it react at this zone!
URIFX
⋅
Correction as forecast! Enter a buy! Good luck to all!
IvanLabrie
⋅
Good luck! Looks good so far.
IvanLabrie
⋅
Almost complete correction:
IvanLabrie
⋅
I was right!
New impulse started.
I'll go long before Sidney opens, should match the end of wave 2 of 1 of 3.
Target is initially a retest of the bearish daily range expansion support, and if crossed up, new highs (aiming for the weekly uptrend target)