On May 29 2023 I published an article ” EURAUD : Multi Time Frame Trade Setup ” where I explained that the EURAUD pair could be signalling for a move lower using multiple time frame analysis. Using the Weekly, Daily and 4 Hour charts I showed that market structure could be starting to shift bearish.
The first chart below was 1 of the charts posted in the article and the following charts after shows the May 31 2023 sell entry in the supply zone and the take profit target levels.
EURAUD 4 Hour Chart May 28 2023 (Market open)
EURAUD 4 Hour Chart May 31 2023 (Entry)
SELL trade entered May 31 2023 at 1.64613 with Stop Loss at 1.65213 and on June 6 2023 EURAUD moved lower to the proposed 1:7RR target at 1.60413 for a +420 pip move (+7% Risking 1% on every trade).
EURAUD 4 Hour Chart June 6 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
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.
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