Entry plan is based on the EURAUD monthly/quarterly head and shoulder pattern.
Looking to enter with a nice rejection of that .618 and 200 day moving average cluster area to then ride price down to the August '12 low near $1.16
Ideally i'd get in right below that key resistance area around 1.52-1.53~ with a reward:risk ratio of at least 5.5:1 and a stop loss behind the moving average cluster. I would consider scaling in with additional positions if we get some really nice price action on the way down.
I'll publish my entry if/when that time comes.
For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.
Thanks!
Looking to enter with a nice rejection of that .618 and 200 day moving average cluster area to then ride price down to the August '12 low near $1.16
Ideally i'd get in right below that key resistance area around 1.52-1.53~ with a reward:risk ratio of at least 5.5:1 and a stop loss behind the moving average cluster. I would consider scaling in with additional positions if we get some really nice price action on the way down.
I'll publish my entry if/when that time comes.
For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.
Thanks!
