Since August of 2022 EURAUD has bounced higher and has been trending to the upside making higher highs and higher lows. We at EWF always encourage our members to trade with the trend and not against it.
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. The charts below will show several strategies aligning together to give a trader the confidence to enter the trade.
BUY Trade Setup
1. Higher time frame structure is in a higher high / higher low sequence trend from the August 2022 low signalling upside momentum.
2. Bullish Elliott Wave count calling for a bounce higher at the blue box buy zone for the termination of red wave 2.
3. Bullish pattern calling for move higher at the equal leg AB=CD level. (Purple)
4. Price enters 1 Hour Demand Zone and reacts with a move higher. (Pink Box)
EURAUD 1 Hour Chart April 20 2023 New York Update (Bullish Elliott Wave Count)
BUY trade entered April 20 2023 at 1.6242 with Stop Loss at 1.6202 looking for move higher to the minimum 1:5 RR 1.6442 target.
EURAUD 1 Hour Chart April 20 2023
The pair moves higher and on April 24 2023 EURAUD blows by the 1:5 RR Target and continues higher to hit the 1:7 RR target at 1.6522 from 1.6242 entry for a +280 pip move +7% winning trade. (Risking 1% on every trade)
EURAUD 1 Hour Chart April 24 2023
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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