EURAUD Technical Analysis March 17/2019
EURAUD SELL/SHORT Trade : Elliott Wave count for EURAUD shows wave ((a)) completed starting from the March 6/2019 highs and has since corrected higher to terminate possibly the wave ((b)) at the March 14/2019 high. Using Market Patterns together with a working Elliott Wave count allows traders to get more confirmation on which side to trade. In the chart below, there is a clear bearish Market Pattern (light blue Head and Shoulders bearish pattern) that triggers SELLS on the break below the Neck Line. A possible Elliott Wave bearish Zig Zag 5-3-5 pattern, starting from the March 6/2019 high, seems to be forming so wavers should watch to see another 5 waves lower on the current wave ((c)) lower. If looking to trade EURAUD traders should look to SELL at 1.5959 below the wave (i) of wave ((c)) with stop loss at 1.6004 looking to hit targets below at the 1:1.5 RR and 1:3 RR Targets (See chart below). We remain bearish EURAUD expecting to hit targets at lower prices.
EURAUD 1 Hour Chart 3.17.2019
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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