EURAUD is currently within a channel. It's appearing as a 535 zigzag and we're anticipating a breakout soon.
Safe entry will be break of the red trendline. Risk entry will be bounce off channel or a lower timeframe trendline breakout.
We'll be targeting the fib levels but it could fall short or go past the fib so we'll be taking a cautionary approach to our targets.
Trade idea:
- Entry on red trendline break (safe entry)
- Risk entry on bounce off channel or lower timeframe trendline break
- Target: 1.67 (600pips), 1.685 (750pips)
Be sure to taper positions as we move higher.
Goodluck and as always, trade safe!
See our previous setup below:
Safe entry will be break of the red trendline. Risk entry will be bounce off channel or a lower timeframe trendline breakout.
We'll be targeting the fib levels but it could fall short or go past the fib so we'll be taking a cautionary approach to our targets.
Trade idea:
- Entry on red trendline break (safe entry)
- Risk entry on bounce off channel or lower timeframe trendline break
- Target: 1.67 (600pips), 1.685 (750pips)
Be sure to taper positions as we move higher.
Goodluck and as always, trade safe!
See our previous setup below:
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Running +450pips
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