EURAUD: Multiple timeframe analysis suggests rally
Updated
This is an update to my previous EURAUD chart, I was waiting for a long entry and it just presented itself to me.
We have an hourly impulse forming, looks like a 5 wave advance, which could be the first of a new bullish cycle.
The daily chart shows a strong mode has been formed and price is about to move above it, after producing a series of strong moves up followed by weak and grinding corrections.
This looks like a potentially explosive long trade, with the weekly timeframe hinting at the possibility of a larger uptrend as well.
I'll enter long and manage the position, trying to scale in on every chance I get.
The initial target is the projection of the point of balance off the lows to the mode of the current distribution curve (a time spent at price profile of recent price action, as per Tim West's technique).
A hefty move, considering this is only a very speculative projection, price can always end up trending and moving faster and in wider intervals.
We'll see in due time, for now, looking to get long off lower timeframe signals, speculating that the larger timeframe ones will be confirmed with me already in an advantageous position.
Cheers,
Ivan.
We have an hourly impulse forming, looks like a 5 wave advance, which could be the first of a new bullish cycle.
The daily chart shows a strong mode has been formed and price is about to move above it, after producing a series of strong moves up followed by weak and grinding corrections.
This looks like a potentially explosive long trade, with the weekly timeframe hinting at the possibility of a larger uptrend as well.
I'll enter long and manage the position, trying to scale in on every chance I get.
The initial target is the projection of the point of balance off the lows to the mode of the current distribution curve (a time spent at price profile of recent price action, as per Tim West's technique).
A hefty move, considering this is only a very speculative projection, price can always end up trending and moving faster and in wider intervals.
We'll see in due time, for now, looking to get long off lower timeframe signals, speculating that the larger timeframe ones will be confirmed with me already in an advantageous position.
Cheers,
Ivan.
Trade closed: target reached
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