Go long on EURAUD after candle close above previous candle high
On the daily,price is currently resting on the lowest extreme of the red pitchfork ( Modified Schiff ). It can be seen that on the previous 2 occasions when price tested the same support, it held and price bounced off it . My target is the meeting point of this red ( modified schiff) pitchfork and the second black ( Andrews ) pitchfork . Such convergence points have shown to be powerful magnets of price on previous occasions on this chart.
Also, on the 4H chart, price first broke the above mentioned support ( not by much though ) ,and formed a Morningstar just below the line . Price zoomed back above the line , only to slowly retrace . Now, there is a doji, followed by a hanging man, indicating possible reversal.
A close , on the 4H or Daily chart, above the previous candle's high would be the trigger to go long.
Place your stops just below the previous swing low, or , if you are a bit more aggressive , just below the support.
Also, on the 4H chart, price first broke the above mentioned support ( not by much though ) ,and formed a Morningstar just below the line . Price zoomed back above the line , only to slowly retrace . Now, there is a doji, followed by a hanging man, indicating possible reversal.
A close , on the 4H or Daily chart, above the previous candle's high would be the trigger to go long.
Place your stops just below the previous swing low, or , if you are a bit more aggressive , just below the support.
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