Afternoon, just getting together my weekly watchlist and this setup I am quite interested in.
Messy chart but I've tried to visually label points I look at and pick out price action cycles in terms of impulse and consolidation and the next impulsive move.
EURAUD Long, last week we printed a new higher high, which is my reason for looking for further long opportunities, we moved in to a consolidation phase to the downside and formed our daily higher low.
We then broke our downward trend line signifying a further impulsive move to the upside, after printing an hourly higher high. Could we be seeing a break and retest of previous hourly high.
We'll wait and see how price this week plays out and if this trade is still valid when we hit market open.
Messy chart but I've tried to visually label points I look at and pick out price action cycles in terms of impulse and consolidation and the next impulsive move.
EURAUD Long, last week we printed a new higher high, which is my reason for looking for further long opportunities, we moved in to a consolidation phase to the downside and formed our daily higher low.
We then broke our downward trend line signifying a further impulsive move to the upside, after printing an hourly higher high. Could we be seeing a break and retest of previous hourly high.
We'll wait and see how price this week plays out and if this trade is still valid when we hit market open.
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I do like to keep my chart clean and tidy
