EURAUD - 4H - Shark at Key Resistance

2 May 2016

EURAUD has formed a shark pattern that retests a very important zone for this pair in recent history. Since we didnt come up quite as much into the zone as i wouldve liked im not yet in this trade. however, if we can confirm the doubletop like structure on the lower timeframe by making new lows below it, i will hop on. with that confirmation you have the option to place your stops above the recent highs for a good risk reward. conserverative stop would still be above the shark PRZ but would still give us a nice 1:1

zoomed in and out view in the updates

2 May 2016

Not

Daily Timeframe for reference

2 May 2016

Not

2H timeframe for reference