While the price is below the resistance 1.6190, resumption of downtrend is expected.
We make sure when the support at 1.5275 breaks.
If the resistance at 1.6190 is broken, the short-term forecast -resumption of downtrend- will be invalid.
There is a possibility of temporary retracement to suggested (1.5825 to 1.5890). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (1.5890)
Ending of entry zone (1.5825)
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
The support #1 at 49 is broken, so the probability of resumption of downtrend is increased.
While the downtrend #2 is not broken, wave in price would continue.
A peak is formed in at 1.5880 on 07/12/2018, so more losses to support(s) 1.5605, 1.5530, 1.5425 and minimum to Major Support (1.5275) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
( ) is 41.
TP1 = @1.5605
Tp2 = @1.5530
TP3 = @1.5425
TP4 = @1.5275
TP5 = @1.5075
TP6 = @1.4910
TP7 = @1.4605
TP8 = @1.4445
TP9 = @1.4040
TP10 = @1.3675
TP11 = @1.2225
TP12 = @1.1600
TP13 = Free
We opened 12 BUY trade(s) @ 6118.08 based on 'Hammer' entry method at 2018.08.14.
Total Profit: 462720 pip
Closed trade(s): 0 pip Profit
Open trade(s): 462720 pip Profit
TP1 @ 6415.00 touched at 2018.07.16 with 13965 pip Profit.
TP2 @ 6974.35 touched at 2018.07.17 with 69900 pip Profit.
TP3 @ 7682.60 touched at 2018.07.23 with 140725 pip Profit.
13965 + 69900 + 140725 = 224590 pip
Profit for one trade is 6503.68(current price) - 6118.08(open price) = 38560 pip
12 trade(s) still open, therefore total profit for open trade(s) is 38560 x 12 = 462720 pip
The Title is written wrong. We apologize for this and the correct Title is:
A trading opportunity to Sell in EURAUD