Hi traders,
Yesterday I posted about a EURAUD looking for a long entry around the 1.4350 area, but price already went up like a rocket. The EURAUD finally broke the steep bearish trendline. I am now waiting for price to retrace back to the most recent structure or the trendline. Stop goes below the lows at 1.45 area.
Entry: 1.46250
Stop: 1.44550
Target 1: 1.49188 = R:RR 1.73
Target 2: 1.51990 = R:RR 3.38
I wouldn't be surprised if the retracement doesn't go all the way down to my entry point, but in order to keep a good risk:reward ratio we have to wait.
I will be updating this as time progresses. Best of luck!
Yesterday I posted about a EURAUD looking for a long entry around the 1.4350 area, but price already went up like a rocket. The EURAUD finally broke the steep bearish trendline. I am now waiting for price to retrace back to the most recent structure or the trendline. Stop goes below the lows at 1.45 area.
Entry: 1.46250
Stop: 1.44550
Target 1: 1.49188 = R:RR 1.73
Target 2: 1.51990 = R:RR 3.38
I wouldn't be surprised if the retracement doesn't go all the way down to my entry point, but in order to keep a good risk:reward ratio we have to wait.
I will be updating this as time progresses. Best of luck!
Stop at 1.4250.
Targets will be given later.