Hello my friends,
Another trade i took today is EURAUD pairs.
As you can see, i've marked the elliott wave movement and in my opinion we're now done with all five waves.
Wave-5 usually end at the 127% fibonacci retracement of Wave-4.
We can expect an ABC correction to the upside from this point.
Notice that price actually broken above the descending trendline but only retested it down below at 1.6070.
It looks like there is also horizontal support here as well.
In conclusion it is an area of confluences.
I already take a buy position from 1.6070 and still holding it.
Buy EURAUD 1.6070
Stop loss 1.6000
Take profit 1.6210 (2R)
RR Ratio 1 : 2
Use only 1-2% risk
Good luck
Another trade i took today is EURAUD pairs.
As you can see, i've marked the elliott wave movement and in my opinion we're now done with all five waves.
Wave-5 usually end at the 127% fibonacci retracement of Wave-4.
We can expect an ABC correction to the upside from this point.
Notice that price actually broken above the descending trendline but only retested it down below at 1.6070.
It looks like there is also horizontal support here as well.
In conclusion it is an area of confluences.
I already take a buy position from 1.6070 and still holding it.
Buy EURAUD 1.6070
Stop loss 1.6000
Take profit 1.6210 (2R)
RR Ratio 1 : 2
Use only 1-2% risk
Good luck