EURAUD - Long and Long term
Updated
Sorry about the late posting..I entered much earlier but got called away from PC before I could post.
You have a a spinning top/doji, with a long lower wick, another doji, and a sash, and then an engulfing complete yesterday...all at a support level that is A FOUR YEAR LOW. I don't usually use Connors 2 period RSI for forex, but hey - it did register 3.1, the lowest since late June, when it had a nice rally - I'll take it as a good sign. TSI is moving up and there is a signal liner cross.
There is the completion of an almost perfect AB=CD harmonic pattern. AB is 13 candles and 703 pips, and CD is 15 candles 683 pips. I'm gonna say this is "close enough for gov't work". Classic "buy at D" right out of Carney's book. This is along term play, with a VERY NICE RISK REWARD with the target at the c point - 377 pips.
There is some news tomorrow...but not red news so set your stop below the four year low and make some pips!
You have a a spinning top/doji, with a long lower wick, another doji, and a sash, and then an engulfing complete yesterday...all at a support level that is A FOUR YEAR LOW. I don't usually use Connors 2 period RSI for forex, but hey - it did register 3.1, the lowest since late June, when it had a nice rally - I'll take it as a good sign. TSI is moving up and there is a signal liner cross.
There is the completion of an almost perfect AB=CD harmonic pattern. AB is 13 candles and 703 pips, and CD is 15 candles 683 pips. I'm gonna say this is "close enough for gov't work". Classic "buy at D" right out of Carney's book. This is along term play, with a VERY NICE RISK REWARD with the target at the c point - 377 pips.
There is some news tomorrow...but not red news so set your stop below the four year low and make some pips!
Trade closed: target reached
Price is struggling a bit here, which is near the 61.8 fib level. Close enough to target...gonna take profits and use the capital on a a fresher set up. Jump back in on the bounce of the next fib retrace - 192 pips!
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