EURAUD SHORT TRADE: 130 PIPS POTENTIAL (SWING TRADE)

SETUP CONFLUENCE

Monthly Time Frame
- Support breakout, Pullback and possibility for bearish continuation
Sell Signal

Weekly Time Frame
- Support breakout 1.61597, pullback and possibility for bearish continuation
- Bearish engulfing candlestick formed, range = 1.63132 - 1.60322
Sell Signal

*SELL SETUP EXPLANATION*
Daily Time Frame
After looking at monthly and weekly time frame I conclude that price are on the way for bearish continuation. But the question is, where we might put our sell entry point??
inside weekly time frame bearish engulfing zone, we identified that at daily time frame, support has been formed and breakout. so this is where my confirmation for this sell setup.

H4 Time Frame
This is the part where i look for my entry point.
you can see that support breakout formed and inside those there was engulfing candle at price range: 1.61751 - 1.61274
i will put my sell entry point in that zone, still confuse ?? if yes than put your sell entry point at 50% level in the engulf zone. 1.61508


Keep it simple guys!! ^^

This is my thought on EUR / AUD for this trading weeky, what's inside your mind? please let me know in the comment. Thankyouuu!! :D