EURAUD pin bar short opportunity
Price is trending down on the 6 hour and higher time frames. Price recently retraced passed a previous support area and also passed the 50% fibonacci area. Price is also in the middle of 8 and 21 period moving average. Bearish pin bar formed. I placed order last night for this pair but never triggered due to price not reaching entry target. I have place market order with profit target set at the previous support area and the stop loss will beyond the trigger candle. Risk to reward is 3.1.
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Price doesnt seem to want to break lower and seems price is not in a consolidation phase and could go long or short. Closing trade manually. Profit taken is a ration of 1:0.7