EURAUD Long:
The daily chart price is in an overall up trend with no signs of slowing down. Price broke above the 1.61800 resistance which can be seen as a clear S/R line in the past. With AUD pairs looking weak from a technical stand point I felt there was enough evidence to take this to the upside. The daily is currently consolidating which usually happens when price is at a major level and about to continue with the trend.
Entry came at the 1H chart which can be seen forming a breakout pattern to the upside ( Ascending triangle) I felt confident going to at the bounce of the ascending trend line and playing it as more of a break out rather then waiting for an IBO or CBO or even SBO.
Stop loss is at the previous 1H low's, if I get stopped out then price will likely test 1.61800 again or continue to the downside. Playing this to the recent high's.
I may add more to this position if we do end up getting a nice break of the 1h Ascending triangle and get a nice CBO or IBO.
The daily chart price is in an overall up trend with no signs of slowing down. Price broke above the 1.61800 resistance which can be seen as a clear S/R line in the past. With AUD pairs looking weak from a technical stand point I felt there was enough evidence to take this to the upside. The daily is currently consolidating which usually happens when price is at a major level and about to continue with the trend.
Entry came at the 1H chart which can be seen forming a breakout pattern to the upside ( Ascending triangle) I felt confident going to at the bounce of the ascending trend line and playing it as more of a break out rather then waiting for an IBO or CBO or even SBO.
Stop loss is at the previous 1H low's, if I get stopped out then price will likely test 1.61800 again or continue to the downside. Playing this to the recent high's.
I may add more to this position if we do end up getting a nice break of the 1h Ascending triangle and get a nice CBO or IBO.