61.8 Retracement - Reversal Continuation. EURAUD
EURAUD in the beginning took a while to continue to its reversal. The Major Reversal Zone that I see is on the weekly time frame reaching Long time Highs, which was Previous Support in 2014 - Now is Current resistance.
On the note of the trade what I am looking at is the RED Lines are my reversal zone lines.
I also have overlapping Fibonacci Retracement levels which confirm Price Relationships and Price Cluster at the Original %61.80 level.
Also we have confirmed the reversal due to Major Divergence in the RSI 14. Along with my ZigZag Indicator pointing my Pivot Zones.
Exponential Moving Average is my Moving Support and Resistance @25 day MA.
There was also a Harmonic Shark Pattern Confirmed on the hourly which has not reached out of entry level quite yet, We are now looking for a Short Position..
My current trade idea is as Follows:
Entry > 1.60632
SL > 1.62126
TP1 > 1.58860
TP2 > 1.57905
TP3 > 1.56372
TP1 > +179
TP2 > +272
TP3 > +426
SL > -59
Risk - Reward : 7:29 or 1:7
On the note of the trade what I am looking at is the RED Lines are my reversal zone lines.
I also have overlapping Fibonacci Retracement levels which confirm Price Relationships and Price Cluster at the Original %61.80 level.
Also we have confirmed the reversal due to Major Divergence in the RSI 14. Along with my ZigZag Indicator pointing my Pivot Zones.
Exponential Moving Average is my Moving Support and Resistance @25 day MA.
There was also a Harmonic Shark Pattern Confirmed on the hourly which has not reached out of entry level quite yet, We are now looking for a Short Position..
My current trade idea is as Follows:
Entry > 1.60632
SL > 1.62126
TP1 > 1.58860
TP2 > 1.57905
TP3 > 1.56372
TP1 > +179
TP2 > +272
TP3 > +426
SL > -59
Risk - Reward : 7:29 or 1:7