EURAUD Technical Analysis
EURAUD had great structure and market patterns during the week from November 22 2017 to December 1 2017. Allow me to elaborate a little on what I mean by “market patterns”. When you go to the bookstore or read anything online on technical analysis almost every author will write about basic or advanced market patterns (Channels, Triangles, Wedges, Head and Shoulders, Flags, Pennants, Harmonic Patterns, Elliott Wave Patterns). Why do most of the authors write about these patterns? The answer is that these patterns form in every market and in every time frame. Each pattern has precise entries and defined stops. Below is a chart of EURAUD on the 1 hour time frame from November 22 2017 to December 1 2017. Between these dates there was 7 trading days in which EURAUD produced 5 trade setups applying these basic and advanced market patterns. Trading is about repetition. Buying or selling the same trade setups whether you get stopped out or not and knowing that at the end you will get more winners than losers. Market patterns form everyday and it is up to the trader to look for them and react to them. Every trader needs to know where their target and stop is before entering a trade and these market patterns provide traders exactly that. As you will see below the 5 market pattern trade setups produced approximately 675 pips if bought or sold on each pattern.
EURAUD 1 Hour Chart November 22/2017 to December 1/2017
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 Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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