Major resistance prevails# Resistance was respected
# Bearish engulfing pattern completed
# RSI recovering from oversold conditions
Shorting at market price 1.62732 with
# SL above bearish engulfing @ 1.64194 and
# TP lower down @ 1.57542
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As usual don't bet the farm. Good risk management won't kill you but the lack thereof could!
Euraudtrade
Short opportunityThe up channel support has been broken indicating a change in market structure.
# Since then price has broken the 1.61326 support and
# Tested as resistance
# Bearish engulfing candle pattern formed (sell signal)
Entered at market price 1.61054 with
# SL above the engulfing at 1.61532 and
# TP lower down around support @ 1.59530
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EURAUD Harmonic AB=CD Pattern Analysis and StrategyWe also see the formation of this AB=CD harmonic pattern on the 4 hr chart. This is a pattern that still has strong upside potential which signaled us to take a long position with take profit set on the green zone. We have a neutral outlook on this pair, therefore we are trading this pattern and the previous Gartley pattern we posted as well. FX:EURAUD
EURAUD SHORTBreak and retest of TL, nice rejections from the 0.618 which confluences nicely with a supply zone. Head and Shoulders formation on lower tf's which is a nice confluence for our sell, as well as divergence on the 30m RSI. SL an ATR above the wicks and TP is aiming for a retest of the lows.
EURAUD UPDATE!!!!Patience pays, remember every level will eventually be broken. got some positions in (0.01 lots) there are 2 scenarios here.
1.My stops will be hit.
2.My tp will be hit.
either way i have accepted a loss before ive accepted a win.
Abit of advice from a noobie, before you take a position dont have expectations. so dont go into a trade with winning in mind. personally i accept a loss the moment i place a trade. this way you will deal better with losses rather than taking a trade and expecting a win.
when expectations are not met especially in trading, it will make you feel horrible.