EURAUD is about show a big move about 500 to 900 pip if the trade goes well i will be shorting at the break of the counter trendline there are 4hr resistance on the way but i belive we could blow pass them
reason am taking the trade
1) pair as retrace to the 60 % fib level in weekly time frame
2) reaction of that level confirm that the level is valid
3) trendline confirmation of both daily and weekly
4) support
my fear
1) the distance between the formar low and the new low is not big enough and could be concidered as double bottom to some trader which is very risky
solution to my fear
1) lock in profit steadily and if you like re enter when trade close and there is till oppotunity
your view on this will be appriciated
reason am taking the trade
1) pair as retrace to the 60 % fib level in weekly time frame
2) reaction of that level confirm that the level is valid
3) trendline confirmation of both daily and weekly
4) support
my fear
1) the distance between the formar low and the new low is not big enough and could be concidered as double bottom to some trader which is very risky
solution to my fear
1) lock in profit steadily and if you like re enter when trade close and there is till oppotunity
your view on this will be appriciated