EURAUD - Shark Pattern Completes (Wait for this to short)
This is an update to my EURAUD idea I posted a week ago.
Initially was looking for a retest of resistance to short, however I changed my mind and updated the idea to short much higher (See related link)
During NFP, the level I was looking out for was touched.
This setup is great due to the following reasons.
1. Exhaustion vol at PRZ
2. Pattern Completion
This is what I will be waiting for next week before I short this pair. One of both of these scenarios could happen.
1. Above average vol H4 candle which closes weak.
2. A retest of the 1.5120 level
Likely #1 can happen but if #2 happens before #1 happens, it will be a higher probability short.
EP: Close to 1.5100
SL: 1.5190 (90)
TP: 1.4810 (310)
Initially was looking for a retest of resistance to short, however I changed my mind and updated the idea to short much higher (See related link)
During NFP, the level I was looking out for was touched.
This setup is great due to the following reasons.
1. Exhaustion vol at PRZ
2. Pattern Completion
This is what I will be waiting for next week before I short this pair. One of both of these scenarios could happen.
1. Above average vol H4 candle which closes weak.
2. A retest of the 1.5120 level
Likely #1 can happen but if #2 happens before #1 happens, it will be a higher probability short.
EP: Close to 1.5100
SL: 1.5190 (90)
TP: 1.4810 (310)
Uwaga
No weakness upon a retest of the PRZ level.
A real breakout here, short trade aborted.
Uwaga
Price overshot the PRZ a little, however this pattern will still be valid if it turns somewhere close to current price. I will be watching this wedge breakdown to execute my short.
Zlecenie aktywne
entered short at 1.5120SL 1.5160
TP 1.5050
Transakcja zakończona: osiągnięto poziom stop
Stop loss hit for this trade. -40 pips.What I can learn from this is that once PRZ is really broken, it should turn soon.
You can see clearly that PRZ became support after the break above.
Will not repeat the same mistake again.
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Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.