EUR/AUD

I see. Do you have long positions now?

I'm not counting waves.
I trade Supply/Demand Institutional Orderflow around technical levels.
I'm not saying Elliotwaves don't work, by all means I do know people who trade planetary constellations and make money with it. Do whatever works for you and makes you consistent profit. (I don't!)
My levels are pretty clear to see. Watch priceaction in the zones, I get my entries from reading the candlesticks (Priceaction), Volume and L2 Depth of Market
(I see where the large chunks of Pending Orders are around the levels where I start watching the price)
Add currencie valuation and Volume to the mix and you got it.
It's not rocketscience
Among all of this, price is king. Trade the price, not the "lines"...

made good bank on this pair today

The move to the downside continues, next target will likely be at 1.5300 and it may break out below that level too.

Didnt make it to the R, now prepare for the downtrend

yep, maybe a small run to 1.58 will still happen, but should it drop like a rock, the waiting risk for not being in might not be justified.

It's testing the support at 1.5600 and if it breaks out below that level it could continue falling towards 1.5400.

The pair is consolidating above 1.5580 and it may bounce off from that level.

What's the point of doing all that work to predict down moves on all the timeframes, and then it shoots up 250 pips?

So Do I miss certain news because one minute it shoots over 40 pips and it is after 12 pm Eastern time Friday

no news...closing of the week so positions are adjusted closed/open etc...normally happens.

That what I thought. Thank you !

Boggles my mind that people were planning on shorting this.

The fundamental environment is that China Tarriffs and trade war are no where near finished and most importantly the Reserve Bank of Australia is going to keep interest rates at current level for quite a while.


Overall the Aussie dollar is going to keep falling in the near term as the two main drivers (China and rates) are indicating weakness and holding it down.

possible scenarios...

Hi guys, just found this thread .. not many people trading this pair I see ...

The pair is at the support at 1.6090 and it is quite bearish so there will likely be a breakout below that level. If there is, next target will likely be around 1.6000.

this pair is ripe for a sell as it has done a first breakout from the trendline, it is in retrace mode and as the week starts it should move down to the 1.5926 area the move should start tuesday US Session

It bounced off on 1.6030 on Friday but next week the move to the downside towards 1.6000 will likely continue.

The pair is currently consolidating sideways above the support at 1.5950, the move to the downside towards 1.5900 will likely continue.

On a weekly TF, it should get to 1.1790 area.