EURAUD, 4hr timeframe, ABC correction of Elliot Waves
On the 4hr timeframe we could clearly see there is an ABC correction after 5 waves already completed.
This ABC correction is from a bigger ABC degree on the ending diagonal of 5th wave so it was a bit tricky to play.
Focusing only on the yellow box area it clearly looks like a flag pattern and price broke through the support with 2 solid red candles.
We could see price continue to decline until 1.6100-1.6110 area which is still 150 pips to the downside.
Sell EURAUD around 1.6260-70
Stop loss 1.6350
Take profit 1 @1.6180
Take profi 2 @1.6100
good luck
This ABC correction is from a bigger ABC degree on the ending diagonal of 5th wave so it was a bit tricky to play.
Focusing only on the yellow box area it clearly looks like a flag pattern and price broke through the support with 2 solid red candles.
We could see price continue to decline until 1.6100-1.6110 area which is still 150 pips to the downside.
Sell EURAUD around 1.6260-70
Stop loss 1.6350
Take profit 1 @1.6180
Take profi 2 @1.6100
good luck
Nota
i already take partial profit on tp1 remainning position closed manually as i see this pair can reverse up
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.