EUR/AUD

In fact, last week's bullish bar may be a trap It is rather poorly placed for a bull breakout bar, overlapping so many prior bars

The movement on other pairs suggests that big shorts here may be premature. Plus, the 4H bar on which I entered, the bar that followed the big bear bar, was a doji. This is poor bearish follow-through. Trade small, manage risk.

good momentum, moving SL levels, taking profit on 1st half of trade. Letting the rest run with SL at B/E. Most of my 2nd legs die a valiant death, so don't hold your breath!

Double top forming on 1 hour

Now confirmed, hopefully it will carry on.

Morgan Stanley Trade of the Week: Buy EUR/AUD
http://www.forextell.com/morgan-stan...ek-buy-euraud/

SL looks too wide, could be set at invalidation @ 1.4088.

Well Done! to whoever that trader is at Morgan Stanley, spot on buying EURAUD @ 1.4225

What a day. All I did was take a short on U/CAD today where I got only about half of that downswing. But now I see a potential double top on the weekly (and daily) on EUR/AUD. Obviously, if there was a breakout above the highs here, it would potentially be massive.

However, I see no signs of a breakout at the moment. We are still within the range of the last several weeks, and that range has been within a downtrend albeit not a very sharp one.

Moreover, the follow-up price action after the big bull bar of last Friday is not supportive of a continuing bull -trend so far. Overall, I see these levels as a good short, in terms of risk-reward.

I took a short with a S/L at 1.4375. Tight S/L. Going for a 2x risk for the first half of my trade.

Will post chart soon

Edit: charts added. The longer term chart shows that we are at the top of the range in an overall bearish trend, with a potential double top. Tops of ranges within bearish trends should only be shorted (if traded).

The shorter term chart is an hourly, showing my current swing. It has a tight stop, but this is just my style of trading. Let's see how this unfolds

Update: 1st TP was hit overnight. SL now moved to B/E on the remaining position (white dashed line).

Buying on the dip (a bottom of minor orange correction ii, before it resume uptrend).
In fact it's poised for a powerful upward 3rd of the 3rd wave towards the target 1.6182 x wave (i) @ 1.4660.

After a near-death experience, the trade survived and I just took another chunk of profit on that short. Will let the rest run. Only 1/3rd of original position on now. SL still at b/e.

Looks like a diamond on 4 hour and under to me.

My trade got stopped out.

Yes, it looks like price is forming a diamond but the sequence of the moves doesn't look right to me. it's more like some kind of a broadening wedge. It may still be tradeable by some. I , personally, do not know how to trade such formations within acceptable r/r parameters.

Looking for price action indicating a short around 1.4380, nothing yet

Now, on 3rd of 3rd wave of the larger [v], breaking out minor tops, before powering to the upside, target 1.4660 & longer term 1.5002.


http://www.dailyfx.com/charts/tradin...0000000Nc3HAAS
When some pro. trader called it Trade of the Week? I'll take notice :
http://www.forextell.com/morgan-stan...ek-buy-euraud/

Momentum in the last few hours typical of a 3rd wave ( here orange wave iii), now continuing upwards to break the next top.

Target 1.4660 reached, now coming back for an even better run to a (intermediate) top @ 1.5037.

Updated wave count:

we have potentially seen the end of a 2-legged pullback during the NFP spike, in which case we are looking to resume uptrend.

Just got filled on a long above the break of the previous hourly bar's high. SL below its low. Not a strong enough signal yet, and it is still below the EMA (I prefer buying when price is above), but small position.

so far so good. At the close of the current hourly bar, I will move SL to below its low, thereby reducing risk to almost B/E.