Hi everyone! I’ve just joined this forum and i’m really interested in price action.
From what i’ve read so far i think this could be a good setup (depending on the closing of the candle) but i wonder where the next S/R would be. My next S/R is 1.5292 so i was thinking that R/R ratio wouldn’t be that good. Please correct me if i’m missing sth
From my Trader-in-training eyes, I see the support at 1.51041 and resistance line at 1.55018 which leaves an ample amount of trading space.
EURAUD D1 pin: if the pin’s body were nearer support, I’d consider taking it.
Currently waiting for shorts around 1.5300 area
Cheers
.
Hi ddi and welcome
My next support is at 1.5300. Part of my trading plan is if a trade has less than 1/1 R/R then it is not an A+ trade. If it is equal to/ greater than 1/1, then what the R/R is doesn’t matter as it passes the rule.
heads up on the EURAUD pin bar, at 1.5000…pretty safe set up to take
EDIT: i see people already spotted it
@justice: do you always put in a buy order at a particular level? Or do you ever take the market price to get in the trade immediately? Am curious about your MM technique here. Thanks.
NFP tomorrow, I am forcing myself to pass even though its a nice one.
NFP is a USA news. nothing to do with EUR nor AUD… however it will have some impact on it but nothing to be worried about.
Tempting pin. I don’t like the chops in this area tho, S/R all over the place. Not even sure where the first resistance would be since any level can become resistance.
Well this one is a good one to take 30/50 pips and get out if it gets tired .
I don’t think there is a guarantee there. 50 pips might sound a lot but when the size of that candle is 200 pips, the perspective is now not so good?
Hi mate,
very idea to wait for this pair to move to support
always pending order after the close of the candle
Guys thanks for all welcome messages first. 1.5300 looks a more sensible S/R as u said. I took this trade but now i’m really confused as i don’t know how to manage the trade given the weekend closure. I read the first 50 or so pages of the forum and being a newbie i’m really inexperienced. Any recommendation would be appreciated. Also i was thinking about waiting for PA at 1.53 but i first thought that the major trend was up…anyway
Safe trading all
ddi, how you manage the trade is a personal choice. Johnathon has given us some guidelines, one of which is ‘set and forget’ the trade. This is good if all the rules have been followed to start with, but as you are new like most of us, mistakes are made.
Now the way I see it you have two choices. 1) let the trade run and do its thing or 2) close it to I assume limit your loss. Either way reflect and learn from it.
PS to my previous comment-1.5300 is resistance not support, sorry.:8:
Kiwiman
Hi sirkay78. Like Dudest, I am waiting for price to rebound off 1.5300 resistance to look for a short signal.
Is there no concern with the EURAUS pin-bar regarding the massive BEEB 2 days earlier?
My thoughts exactly. Also I’d like to add it looks like some kind of divergence in the recent uptrend, the swings aren’t making higher lows anymore. Most likely not taking this. :28:
Nothing to be worried about… are you sure. 
EURAUD is a synthetic currency pair, a cross pair.
to determine EURAUD you take eur/[B]USD[/B] and aud/[B]USD[/B]. It has everything to do with EUR and AUD.
divide eurusd by audusd gives you euraud price, so today thats 1.35/0.89 = as near as dammit 1.51
BOTH currencies have [B]USD[/B] in them. NFP, as you rightly say is US news so be careful.
this might help.
Creating Synthetic Pairs | Currency Crosses | High School
If you (anyone) isn’t sure whats what with the currency the giveaway is ‘usually’ bigger spreads as you pay spread on both pairs so here EURUSD spread + AUDUSD spread so bigger. Then you know its probably different.
Likewise GBPJPY, thats GBPUSD and USDJPY,
EURJPY is USDJPY and EURUSD and so on.
Remember add the spreads. :64:
PG
AS you might seen nothing happened to EURUAD on this NFP… Im not sure you understand the picture in the link you sent me as you can see is clearly stated that USD buying and USD selling [B]cancel out[/B]
so technically yes EURAUD pair has nothing to do with NFP it can only add some little volatility coming from people buying or selling just EURUSD or AUDUSD but most of it cancels out my friend. sorry if my english not accurate.
I completely agree with you on the spread calculation thing. rgds