bkhilton
Short

Possible Short Opportunity EURAUD

OANDA:EURAUD   Euro / Australian Dollar
I'm watching price-action on EURAUD . Here's why...
  • Price is currently in a resistance zone based on the recent previous structure
  • The overall 4-Hour chart trend is bearish based on the 200-EMA
  • Price is currently in a counter-trend and seems to just be a minor correction of the overall downtrend
  • My money-flow indicator has the demand very high and in the overbought region

I'm hoping to see some type of bearish-divergence in the next few candles. I will keep an eye on this to see what happens.
Comment: Price broke the counter-trendline and is headed down. Currently in the profit but we still got a little ways to go. I'm thinking price will head down for about 60 - 70 pips before the EUR economic news release at 2am EST.
Comment: I'd sit tight at the moment and wait for the price to breakdown below 1.67115 before I'd take a sizeable short. Keep in mind that EUR economic release at 2am EST can give volatility to this pair. If it works in our favor, we'll take a good position. If not, we'll stay out and look for other opportunities. No biggie.
Order cancelled: I am out of this trade. Price has retraced above a key level of mine on the 1-hour chart. So I'm happily out of this. On to the next.

Comments

my TA i showing this development on euraud
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Well constructed
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bkhilton Shallommatlwa
@Shallommatlwa, Thank you. I'm trying to use Trading View as a medium to backtest my trades.
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