On June 30 2020 I posted on social media Stocktwits/Twitter @AidanFX “EURAUD Sold 2nd position at 1.6308 with Stop Loss at 1.6448“.
The chart below was also posted on social media StockTwits/Twitter @AidanFX June 30 2020 showing that a bearish market pattern (light blue) terminated at the point D June 12 2020 high which signalled traders that bears were trying to take back control. A bearish divergence pattern (purple) formed on June 29 2020 which also signalled for a move lower. Dynamic (black) and static (light blue) resistance plus the 0.618% Fib. level (brown) also added to a reaction lower from the 2nd orange box June 29 2020 confluence zone. Momentum indicator crossed below the 100 level while price broke below the trend line (dark blue) confirming the 2nd SELL entry. I called for traders to SELL EURAUD and only a move above the 2nd confluence zone would invalidate the SELL trade setup. Stop loss was set above the 2nd confluence zone targeting the pink 1:1 RR and 1:2 RR targets. EURAUD has yet to hit targets and I continue holding sells expecting for the pair to hit them this coming trading week.
EURAUD 4 Hour Chart June 30 2020 (2nd SELL Entry)
The below EURAUD 4 hour chart was posted on social media StockTwits/Twitter @AidanFX June 16 2020 calling the 1st entry SELL with stops above the June 12 2020 high. Price has yet to hit green targets below and we expect the pair to hit them this coming trading week.
EURAUD 4 Hour Chart June 16 2020 (1st SELL Entry)
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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