EURAUD long - 27 October 2016
Updated
Background:
- Multiple bullish reversal candle off the daily resistance descending support
- Double bullish reversal candle formed after yesterday hammer candle in the multiple candle inside candle formation
Entry:
- Long stop @ 1.4315
SL:
- 50% fib level of bullish reversal candle or set up candle
TP:
- Set at 1.456 - possible next resistance area
Others:
- Seems like GBPAUD long could be taken as well with this similar set up. Prefer EURAUD as it is cheaper LOL
- Multiple bullish reversal candle off the daily resistance descending support
- Double bullish reversal candle formed after yesterday hammer candle in the multiple candle inside candle formation
Entry:
- Long stop @ 1.4315
SL:
- 50% fib level of bullish reversal candle or set up candle
TP:
- Set at 1.456 - possible next resistance area
Others:
- Seems like GBPAUD long could be taken as well with this similar set up. Prefer EURAUD as it is cheaper LOL
Trade active
Update 28 October 2016- Yesterday session close a higher high
- No reason not to hold on to the trade
- To be cautious of any bearish action as this is a counter trend trade
Trade active
Update - 29 October 2016:- The last day of the trading week close strongly a bullish marubozu
- Currently with 100 pips unrealised profit, with 192 pips more to go
- However, to be wary of the following week candle reaction to the daily 20MA and possible horizontal resistance area @ 1.45
- To hold on to trade and see how next trading session plays out....:)
Note
Correction:- 90 pips more to go...
Trade closed manually
- Yesterday session closed an inside candle without any clarification of its next move- Technically, it is testing the daily 20MA resistance and 1.448 horizontal resistance*
- Fundamentally, there is an upcoming AUD rate release today which is a wild card to this trade
- Based on the above points, i no longer convinced to hold on to the trade
- So to eliminate further, i have closed the trade with 120pips gain^
* Previous set TP at 1.456, however realised that 1.448 could be a stronger resistance area for TP
^ Will update again tomorrow to see how this trade would have been after the news release
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