EURAUD AT SUPPLY..... WHAT'S NEXT?
If we understand the concept of supply and demand, then making trading decisions won't be so hard for us. trading is simple plus and minus. all you need is to identify a good supply{resistance} and then plan a sell trade from it. and or identify a good demand{support} and plan a buy trade from there.
Supply and Demand are no different from support and resistance, they are simply an area and not a line.... they are the zones that makes things happen. price moves impulsively to the opposite direction once it approaches these areas.
so with that in mind, I am looking to short EURAUD. as price just retested a supply zone and rejected for a second time. creating a double top like structure. Meanwhile, price had just broken out from a recent uptrend here in this 4hr chart. closing below a recent low... now I expect a pullback to the 1.67800 price area for a nice entry and a tighter stop loss.
it may or may not pullback that much, but it is only right that it does. GOODLUCK GUYS!!!
Supply and Demand are no different from support and resistance, they are simply an area and not a line.... they are the zones that makes things happen. price moves impulsively to the opposite direction once it approaches these areas.
so with that in mind, I am looking to short EURAUD. as price just retested a supply zone and rejected for a second time. creating a double top like structure. Meanwhile, price had just broken out from a recent uptrend here in this 4hr chart. closing below a recent low... now I expect a pullback to the 1.67800 price area for a nice entry and a tighter stop loss.
it may or may not pullback that much, but it is only right that it does. GOODLUCK GUYS!!!
Penafian
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