What's structure telling us? (EURAUD Analysis)

FX:EURAUD   Fx Euro/Dolar Australia
Hi guys,
this time i want to share with you a simple structure trade, in order to let you understand how i analyze markets so that i can find the best opportunities.
I utilized two charts in this case for you have to get the reasons behind this thought process.
In the left hand side of your screen, there's the 4HR chart, and you can see price has created two consecutive new structure high, that is the definition of an uptrend.
Now, in order to get on the trend we must wait for price to come at our comfortable zones (where we can exploit the market): in an uptrend there are two levels to be careful of, the first is the broken resistance that could become support, the second is the previous support.
Right now price is sitting right in the previous support zone and it seems to be forming a double bottom (with RSI divergence) that could give us a nice trading opportunity.
Also, notice that there's the 618 retracement and a psychological number lining up in this yellow box.
Definitely keep an eye on that.
I'll update you in case of entry.

If you have any question, or you want to share your viewpoint, feel free to comment below.
Otherwise, see you in the next chart!
Se sei d'accordo, lascia un mi piace! Grazie
Canale Italiano:
Ultimo video:

If you agree, like this chart! Thanks
My last (english) videoanalysis here:

Beautiful trade setup, thank you for sharing your view. I have similar idea as well on this pair.

+1 Balas
Roker1 jojofang0901
@jojofang0901, thanks!
So well explained, and I'm going to observe your analysis of the, " two consecutive new structure high" theory and see hoe it ;ools in the morning :-)
+1 Balas
Glendooie Glendooie
@Glendooie, Just as you postulated says the observer who wishes she ad had someskin in that trade
+1 Balas
Roker1 Glendooie
@Glendooie, don't worry, markets are an endless stream of opportunities!
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