justatrader
Short

Week 7: EURAUD - Weekly Head and Shoulders

FX:EURAUD   Euro / Australian Dollar
379 2 6
Long term trade, but given we have +ve swaps on shorts, this should work out fine.

Chart is self explanatory, combined with RSI divergence. Target of 1.31386 is the minimum objective. Expect a decline further.

Ideal trade plan would be to open 4 positions at entry, targeting 100, 127.2 and 161.8 Fib levels and the final position to be trailed with an open target towards 1.23.

So far
---------------------
Week 2:
Fx: 354Pips profits
Gold: 15 points loss

Week 3:
USDJPY: +290 Pips
AUDUSD: +72 Pips

Week 4/Week 5: None
Week 6: -42 Pips
Perfect. Don't you think now it's in ABCD on Daily
+1 Reply
justatrader RayyanAljohani
Yes, it sure is. But there's quite a bit of resistance near 1.4068 and 1.396. Given the downtrend, it would ideally be a location to form a new lower high. Only a break and retest of the level for support would see a shift in sentiment.
+1 Reply
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