EURAUD 4H - SHORT IDEA
Can we see furthermore downside potential for this pair as the eurozone is not improving their economy...
Higher Timeframe bias is key as it provides added confirmations in terms of the market structure.
In this short position, we have multiple confluences stacked up in our favour to take price lower and create a new low.
We are consolidating ATM building up more liquidity to be taken from the markets.
I will be waiting for a pullback into our Sell Zone Area which aligns with our 0.71% & 0.79% fib levels which also sweeps the previous high wick to the left of the charts taken our liquidity.
Targets will be the previous low
2 Entries
1 Position at the 0.71% fib level.
1 Position at the 0.79% fib level.
Stop Loss will be to cover the previous high for a safe position.
1-2% risk split over 2 positions.
Can we see furthermore downside potential for this pair as the eurozone is not improving their economy...
Higher Timeframe bias is key as it provides added confirmations in terms of the market structure.
In this short position, we have multiple confluences stacked up in our favour to take price lower and create a new low.
We are consolidating ATM building up more liquidity to be taken from the markets.
I will be waiting for a pullback into our Sell Zone Area which aligns with our 0.71% & 0.79% fib levels which also sweeps the previous high wick to the left of the charts taken our liquidity.
Targets will be the previous low
2 Entries
1 Position at the 0.71% fib level.
1 Position at the 0.79% fib level.
Stop Loss will be to cover the previous high for a safe position.
1-2% risk split over 2 positions.