Is anyone looking to trade either or both of these Euro crosses? Still very much a newbie so apologies if confusing/ too wordy. Please ask and I will clarify anything. Given that what we perceive is subjective, can anyone shed any light on my observations - my questions are:
Is anyone in agreement with what I think I see/ expect to happen?
EURAUD looks to be heading for a level of resistance around 1.2397.
EURNZD looks to be at a level of resistance around 1.5819.
For both pairs, Stochastics is in overbought territory on the daily chart. Daily, 240min and 60 min charts show as bullish on both pairs but the overall trend since 2009 is downwards so I think the term for current price action is ‘pulling back’. Both pairs seem to be pulling back to trend lines I’ve drawn.
I think that very soon the price action for both pairs will begin a downwards move. I would then be looking for confirmation and entry on smaller time frames.
What should I be looking for to confirm that the price action on the daily is indeed continuing downwards? i.e. specific candlestick formation, indicators? (By the way I am filtering through the school of pipsology but a little overwhelmed and a real person would probably be of more help right now)
I trade both, and am currently long in both with several trades.
I trade off a daily chart, and went long EUR/AUD 21/8 @ 1,18557 and again on 30/8 @1,21596. With EUR/NZD I went long 29/8 @ 1,5658.
All three trades for me are still open. I don’t trade with trend lines on the chart, and I use S/R lines only as a very vague guide when entering a trade
Hi, I’m trading Eur/Aud too. Seems to me, that it is on a range right now which is very clear if you see 8,4 or 2 hour charts. Although when I enter I’m always at 1 minute and I follow eur/usd & Aud/usd so it gives a clearer picture when to what. like measuring in a scale.
so right now, as every range, it will choose a direction. I’m waiting it for long till 1.29, but I’m not sure about this number. Then I would like to trade it down too later.
Thank you all for the replies, apologies a bit late. I’m starting to look more at S/R lines rather than draw trend lines as trends are becoming clearer now (although the market is a bit chaotic at the moment). Also have decided that in terms of pip cost I might just stick to 2 of the major pairs for the moment and perhaps demo trade crosses with large spreads. I need to focus on less because I find myself ignoring the best practices and not doing the things to help me build up trading patience and discipline. I also am formulating a trading plan so have not been watching the markets too closely either - I need to start doing things the right way otherwise I will never get any further.
I’m currently long EUR/AUD off the Daily - Resistance became Support, rising channel, good low test, Fib level, confluence with other timeframes, I’ll trade that all day long.
