EURAUD Multiple Confluences
Updated
This is why i like this chart.
Since the begining of the year the EUR has moved a LOT in some pairs, so far so good nothing last forever, and price need to breath. I'm looking to capitalize in the correction of this very bullish move.
Following the trendline from December 10th we can see that the price did respected it very well, now we are in a place where we have multiple confluences.
An AB=CD move completing just a little above that trendline. A newly formed deep crab that completes close to that same area, and then when we draw fib extension from our AB leg of the AB=CD it also have a minor fib (1.414) just in the same spot.
I want to join in the 1.618 completition point of the deep crab, and placing my stops just above the 3.618 that would invalidate that pattern.
Target profits the (X) point of the deep crab.
Good luck traders, my first trade of the year.
Since the begining of the year the EUR has moved a LOT in some pairs, so far so good nothing last forever, and price need to breath. I'm looking to capitalize in the correction of this very bullish move.
Following the trendline from December 10th we can see that the price did respected it very well, now we are in a place where we have multiple confluences.
An AB=CD move completing just a little above that trendline. A newly formed deep crab that completes close to that same area, and then when we draw fib extension from our AB leg of the AB=CD it also have a minor fib (1.414) just in the same spot.
I want to join in the 1.618 completition point of the deep crab, and placing my stops just above the 3.618 that would invalidate that pattern.
Target profits the (X) point of the deep crab.
Good luck traders, my first trade of the year.
Note
Filled, and stoped out on news.Trade closed: stop reached
Filled, and stopped out on news.
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