FOLLOW UP STRUCTURE | EURAUD

This a followup insight to our last trade on this pair where we almost hit stop-loss. This speculation gives the impression that uptrend tendencies still high as price goes through correction moves.

Tendency: Uptrend ( Bullish )
Structure: "W" Pattern forming | Double Bottom
Observation: i. Price begins a downtrend (XA leg), stops, and then reverses impulse trend at support zone @ 1.60000 zone.
ii. Reversal to the upside is short-term as price retraces at the neckline zone @ 1.64400/1.64500 only to stop again at support zone @ 1.60000 zone and reverses upwards.
iii. Formation of a second bottom confirms the Double Bottom pattern tendencies.
iv. Potential reversal strong as price action tends to break Moving Averages to the upside on higher time frames.
Trading Plan: BUY now or at the completion of correction with potential TP1 and TP2 (450pips) and SL @ 1.59000/1.58000 zone.
Risk/Reward: 1/3
Potential Duration: 2 to 6 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates on lower time frames as price action is been monitored.


FREE TELEGRAM CHANNEL:
Subscribe @ nirvanaconsorts and get real-time trading tips and updates