I updated EURAUD several times lately and for context see below:
However I don't like the price action in all Euro pairs up to the ECB press conference (bullish moves during today's London session). I trade structure and most Euro pairs show me an overall bearish bias besides EURAUD at the moment. So I took another look and I think that this consolidation is not over yet. If it is I have to let it go because I simply don't like trading this structure and chasing a trade is unnecessary. We made a lot of profit last week with several calls (percentage and risk/reward wise because pips don't matter when running a business) and I rather stay aside and enjoy my day then trade a structure I don't like. Ascending corrective structures are not the corrective structure I like to trade because the risk of a sharp reversal is high. I will only trade this from the bottom and was not able to that because I did not see an entry according to my trade rules.
So the scenario (or comparable structure) I drew in the chart is what I'm looking for in terms of a potential trade set-up. I need price to make another low for wave E to trade this pair long. Otherwise I have to wait for the continuation and next consolidation to trade this pair from a lower time frame.
updates will follow.
www.timstuyts.com
www.facebook.com/timstuyts
www.youtube.com/watch?v=HvmWTm4f...
However I don't like the price action in all Euro pairs up to the ECB press conference (bullish moves during today's London session). I trade structure and most Euro pairs show me an overall bearish bias besides EURAUD at the moment. So I took another look and I think that this consolidation is not over yet. If it is I have to let it go because I simply don't like trading this structure and chasing a trade is unnecessary. We made a lot of profit last week with several calls (percentage and risk/reward wise because pips don't matter when running a business) and I rather stay aside and enjoy my day then trade a structure I don't like. Ascending corrective structures are not the corrective structure I like to trade because the risk of a sharp reversal is high. I will only trade this from the bottom and was not able to that because I did not see an entry according to my trade rules.
So the scenario (or comparable structure) I drew in the chart is what I'm looking for in terms of a potential trade set-up. I need price to make another low for wave E to trade this pair long. Otherwise I have to wait for the continuation and next consolidation to trade this pair from a lower time frame.
updates will follow.
www.timstuyts.com
www.facebook.com/timstuyts
www.youtube.com/watch?v=HvmWTm4f...
Komen:
We might very well see an opportunity to buy EURAUD next week. Price made a first leg higher for what might be a wave A of wave D. I prefer to see a small leg lower of lesser degree for wave B (in green) and then look for reversal and buy EURAUD. If my wave count is incorrect in terms of that expanding triangle we are in the trade and simply have to hold it. Updates will follow.
