In regards to your trade plan on AU.
Your Risk to Reward ratio of approx 1:3 is very good.
Your entry at 1.0280 is a solid plan. If we look at H4, we can see a nice support resistance area at 1.02853. An entry at that point would be very good.
SL is smack at the bottom of the previous wave, which is as good as it gets.
So your trade plan is good and is as per rules.
Correlation of GU and EU on the other hand, is an uptrend as you see it, if we do not take into account other factors.
Other factors are,
If we see GU and EU, GU has reached a previous peak and it might retrace before deciding to shoot back up, if it does go back up. On the other hand, with economic news later, it might just do one candle all the way up.
EU is retesting the same resistance that has held for a long time now. It looks like it might break and fly higher up, but again, buying EU at this point, with just bias and higher TF analysis is not a very good trade idea.
So correlation wise, I think its best to say that its not as clear as it should be.
It would be best to wait for a confirmation and an entry set up on lower TF, say H1 at 1.0800s level before putting in a trade manually.
Otherwise, your trade plan is good.
Keep watching the charts and you will come to learn to filter your trades. You wont take trades daily. You will know when you see a solid set up and you will hit that with maximum risk your money management allows.
Price action works, provided we do not expect to open the charts and find valid set ups daily.
This is one of the biggest reason why beginners who trade price action loose their accounts.
Wait for that ideal set up. You will know which one because it will clearly tell you which way its going to go, from where to where.
Trading set ups that are not as clear is not only damaging to ones account, it also causes traders to have psychological issues to deal with later on, because of prior experiences loosing on entries. We will than start cutting of trades before it hits SL, or worst, taking profit when the move is not complete, causing us to loose out on more profits etc etc.
It will take a long time for these bad habits to be unlearned later.
So avoid it if we can.
Do not expect to be able to read price action or price movement all the time. NO one can.
We dont need to either. We just need to be able to read the very clear set ups. Maximize your profits, minimize your risk, grow your money.