EURAUD and the risk on and off playHere is another Forex Trading Snack.
To go along with my stock risk on or off trading view, here is my favorite Forex pair that matches closely to my stock trading view. Of corse the two instruments trade inversely to each other.
My main strategy for this weeks market open is to follow the recent up channel the pair has been trading in. The downside has been limited mostly due to the upside limited moves to AUDUSD ( which also moves along with the S&P 500 and or news events or risks involving China trade.
Stocks and the AUDUSD have stoped recent moves higher at the 61.8 Fib levels and have been grinding around making overlapping moves with lower highs and lower lows. Hardly a trending move. Very much a grinding around moving market.
Looking at the 2H chart I see a smaller EW 5 wave pattern Developing with a posable completion at up channel trend line.
My strategy isn’t to try to trade short at channel trend top, but to start looking at my longer view possibilities of the next move and posable breakout from this channel. There is no surprise that the AUDUSD also has a inverse EW pattern on the same time frame. On AUDUSD I’m a sell the rallies trader currently just as I am on the S&P 500. The exact opposite on EURAUD.
Just one traders opinion. Please form your own opinions and trading views and or strategies. This post isn’t advice on trading. Trade accordingly to your own risk tolerances.
In trading you either make dust or you will certainly eat dust.
All the best in your trading.
