EURAUD UPDATE - FIRST TARGET 1.65600 READ FOR ENTRY PRICE

GOOD AFTERNOON FROM THE UK & OH BOY HAVE WE GOT SOME TRADING TO LOOK FORWARD TO. STARTING WITH AN UPDATE OR EURAUD. MY BIAS REMAINS BEARISH AND THE PAIR IS GEARING UP FOR A PLUMIT. STARTING WITH THE WEEKLY TIMEFRAME WE HAVE A WEEKLY HANGING MAN AFTER TWO WEEEKS OF BULLS AS WE ENTERED LEVELS OF UNCERTAINTY. THE PAIR HASNT REACHED THESE HIGHS IN A VERY LONG TIME.

START OF THE WEEK THE PAIR WAS GEARING UP TO FALL ON THE SCREENSHOT IF YOU REFER TO THE DOUBLE STOP, IF YOU LOOK AT THE FIRST PRT OF THE DOUBLE TOP A MINI HEAD AND SHOULDERS WAS 'ATTEMPTED' BUT WASNT FORMALISED. REASON BEING WAS DUE TO THE RIGHT HEAD NOT CREATING A HIGHER SWIG TO MATCH OR GREATER THE KEFT SHOULDER SWING WHICH TO ME IS AN INVALIDATION AND THE BIG SHORT WE ARE LOOKING ISNT READY. THIS HAS CREATED A PUSH BACK HIGHER TO CREATE A DOUBLE TOP. ROUND TWO!

ON THE 4 AND 8 HOUR TIME FRAMES THE SELLERS LOOK TO BE BACK BUT ON THE DAILY WITH THE DOJI I WOULD NOT ENTER ON MARKET OPEN AS THIS COULD PUSH UP 50 - 80 PIPS BEFOR FALLING TO CREATE A DAILY TOP WICK. WITH THIS PAIR BEING LIQUID YOU WILL WANT TO ACCURATE WITH YOUR ENTRIES TO AVOID WIDE STOP LOSSES.

I HAVE SPECIFICALLY SELECTED TO LOOK AT THE 2HOUR TIME FRAM AS ON THE CLOSURE WE BROKE DOWN BREAKING A 1HOUR TREND LINE. NOW LOOKING AT THE TREND LINE BREAK RULE WE WILL WANT TO SEE A RETEST BEFORE THE CONTINUATION. THIS WORKS WELL AS IT WILL PRODUCE A RIGHT SHOULDER OF A HEAD AND SHOULDERS FORMATION ON POINT TWO OF THE DOUBLE TO. THAT IS WHERE I WILL BE TRIGGERING A SELL TRADE TO 1.65600. WHY 1.65600 AS A FIRST TARGET? WELL BACK TESTING, THE LAST TIME PRICE ASCENDED TO THE CURRENT LEVEL IT IS ON THE WEEKLY AND CLOSED WITH A WEEKLY BEARISH INDICATION WAS IN 2007 AND ON MULTIPLE TIMES YOU WILL SEE PRICE PLUMIT TO 1.65600 ON AVERAGE THEN POST HITTING THIS LEVEL YOU WILL NEED TO LOOK AT THE NEXT LEVEL. THE 1.65600 ALSO WORKS WITH MY TEXT BOOK DOUBLE TOP TARGET EXTENSION.

HOPE THIS HEADS. TRADE SAFE & GO MAKE SOME MONEY!