EUR/AUD

Morning all.

I am now again in LONG this pair, as I got filled on a BUY-stop order overnight.

Chart shows my current live trade. It is a 4Hour chart.

Not the best of signal bars, but it is at the bottom of the range, the risk-reward makes sense, and it is a signal bar, so I took the trade.

Got stopped out at the entry price when the hourly bar reversed course. Will wait for a new buy setup to appear

This might still work but do not fuss over lost trades. If the trend is there, the market will give opportunities to get back in it. There is seldom only one opportunity.

We may have just had a double bottom. But I prefer to enter long on a buy stop order, not on market orders.

One of many ways to play a potential double bottom here is to place a buy stop order above the highs of the hourly bar that is about to close in 8 minutes. With a SL a bit below its lows. Aim for 2X risk

This is what is potentially happening. Hourly chart view.

The only reason we are looking for longs here is because we are still at or near the bottom of a range, which as far as we can see right now, is part of a larger uptrend. Therefore, we look for reasons to buy because in trends, the bottoms of ranges are places to seek Longs, not the opposite.

If a bull entry here fails and the market reverses and keeps dropping, the next time I see a similar situation in an uptrend I will again look for long trades, not for shorts.

Still no decent setups for me. I will wait to see how the current 4hour bar closes. On my platform, it closes at the end of the 1st hour of NY trading. If I get any signals then , they are more likely to be decent and to offer meaningful risk-reward.

I've been building a short position in E/A over the last 24 hours as it's building structure for continued downside. Average is 1.4537...If it takes out 1.4485 it should sail on down....targets are 1.4409, 1.4394, and 1.4371.

Buy setup on the 4H chart now

I am in long, similar setup and M.O. as the earlier trade.

Hopefully will also get filled on a EUR/USD long soon.

yes there is a case to be made for the bears too. For example we could be now having a fakeout of the wedge and then go for a further push down to the bottom of the blue wedge, which it might even overshoot. I feel the odds are more stacked on the bulls' side hence my trade

I'm going the other way...just added one more to the sell position bringing the average to 1.4557. I'm not going to give it a ton of room if I'm wrong....let's see what they do here, kind of a decision point for them

Yes we are at a bit of a junction here. Either go up 150-200pips or break the range to the downside

Finally some meaningful price action. I have just placed a bunch of buy-stop traps

Can EURAUD sustain the recent channel break? I think NO.

Price/candle still below ema21 on h4...

Closed this one on the gap down opening yesterday and wasn't awake to re-enter...oh well, picked 87 pips on the average cost. Off to the next one

Price is showing more strength to the downside, I think...

Happy Pipping!

Yep, that euraud's a buy right now....1 am in New York

Morning guys. Back on my PC today. Trading on a mobile phone is not fun!

An update on my actions on this pair:

- late last week I entered long on the break of the highs of a big bullish candle. Price went nowhere for the last 2 4H candles before the week closed so I set SL below the lows of the entry candle and let the week close. When markets re-opened, I got stopped out for some 40pips loss as price gapped down. I was asleep when it happened, or I would have bought the bottom of the gap as I thought it was a fake breakout of the range and an exhaustion move.

- Since I missed the gap, I waited on the hourlies for opportunities to re-enter long. Luckily, the market gave me an excellent signal bar and I entered on the break of its highs. As price went my way, I added to the longs on the break of the highs of a big bearish hourly bar. Now SL for all moves is below the lows of the hourly bar that started with LDN open, locking in some pips. I will probably take some profit at the close of the current hourly bar (potential completion of 2 legs up from the bottom).

Charts: first the 4H chart, then the 1H chart showing the latest long entries

Good trading to all! This week has a lot of events, a lot of drama