EURAUD, 4hr timeframe, ABC correction of Elliot Waves
On the 4hr timeframe we could clearly see there is an ABC correction after 5 waves already completed.
This ABC correction is from a bigger ABC degree on the ending diagonal of 5th wave so it was a bit tricky to play.
Focusing only on the yellow box area it clearly looks like a flag pattern and price broke through the support with 2 solid red candles.
We could see price continue to decline until 1.6100-1.6110 area which is still 150 pips to the downside.
Sell EURAUD around 1.6260-70
Stop loss 1.6350
Take profit 1 @1.6180
Take profi 2 @1.6100
good luck
This ABC correction is from a bigger ABC degree on the ending diagonal of 5th wave so it was a bit tricky to play.
Focusing only on the yellow box area it clearly looks like a flag pattern and price broke through the support with 2 solid red candles.
We could see price continue to decline until 1.6100-1.6110 area which is still 150 pips to the downside.
Sell EURAUD around 1.6260-70
Stop loss 1.6350
Take profit 1 @1.6180
Take profi 2 @1.6100
good luck
Note
i already take partial profit on tp1 remainning position closed manually as i see this pair can reverse up
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.