Very basic but effective trading, as we can see, we have a confirmed down trend on EUR/AUD.
This trade will only be entered if all 3 indicators say we can, but with the UK due to leave the European Union on Friday, this adds fuel to the fire to send the Euro down!
We can also see a double top forming, this bolsters my opinion for the short trade.
If we do get...
Despite there being a Descending Channel, Id be skeptical at entering this trade as the MACD and Signal line have crossed over each other to many times without crossing back above the "zero" line.
Before entering this trade id like to see the MACD and Signal line cross over the zero line then from there give me a clear direction into where the price is heading....
So first of all, Happy New Year to all you traders, I wish you all, all the best for this new year.
Straight in at the thick of it here with a possible Head & Shoulders forming on AUD/USD.
For me personally i'm waiting for the pattern to be confirmed at around the 0.685 level and for my "technical's" to confirm the short trade before I enter, but if you only use...
Looking at the chart, price is going to go one of 2 ways. (Obviously!!)
We can see that there is a nice little resistance zone around the 38.2% Fibonacci level, if price gets rejected, again, we can expect a a move down, but by how much? Well I don't actually know as the markets have been moving mad over the last few weeks!
If the price manages to break through...
Looking at the chart, we can see a "Bullish Triangle" forming, which could see the price rocket to the upside.
For this, the entry must be confirmed, I will be looking for confirmation via a break out of the Bullish Triangle. Once/if price breaks out of the Bullish triangle I will be entering a long trade with 2 take profits. The first take profit will be at the...
As you can see on the chart, I've predicted a long on the 4HR time frame.
Once the long is confirmed ( a break through of the Intrady trend line and possibly a break above the 38.2% level) I will enter the trade setting 2 take profits, one at the 50% level and one at the 61.8% level.
