EURAUD long after wave 4 pullback
Analysis:
I've seen EURAUD trade out of its downward channel.
It has created a wave 1, 2, & 3
Hypothesis:
I am looking for a wave 4 pullback to the purple box, where I have indicated by the blue arrow.
Price should bounce from this area and create its wave 5.
This wave 5 will be the final wave 5 of the LARGER Wave 5. (So can be either weak, or extended)
If an extended wave 5 ensues, the target specified will be a safe bet.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
I've seen EURAUD trade out of its downward channel.
It has created a wave 1, 2, & 3
Hypothesis:
I am looking for a wave 4 pullback to the purple box, where I have indicated by the blue arrow.
Price should bounce from this area and create its wave 5.
This wave 5 will be the final wave 5 of the LARGER Wave 5. (So can be either weak, or extended)
If an extended wave 5 ensues, the target specified will be a safe bet.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
Trade active
This trade is liveTrade closed manually
After 1:1 exit and stop move price has come back to hit SL at breakeven.Trade Result: +1/2 R
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.