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EUR-AUD Long setup

by Denislav D, March 21, 2021

EUR/AUD H4 Wave Analysis

by Denislav Dantev March 21, 2021

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EUR/AUD

|

Long

|

H4

Timeframe:

H4

Analysis Method:

Wave Analysis

Analysis:

Major trend wave end and reversal. Beginning of corrective wave, if confirmed planning to maintain long bias till around 1.6000 area. Ideal entry was on Friday around 1.5300 or lower, but don’t know if we will get another chance at that level, I hope so!

Trade Plan:

Planning to take partial profits 50-75 % around previous pivot point just below 1.5700 and hold the rest till price reaches above major pivot just below 1.6000. Would additional positions once in profits and above 1.5500

Risk Management:

use your own I’d start with 1%

Things To Watch For:

Unexpected news from either EU or Australia

LEAVE YOUR COMMENT HERE:

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    1. Saul,

      My original setup was a retracement back to the fresh supply level near the swing low below 1.5300. I missed that entry as well however. I am now waiting for an entry point near those levels and looking for fresh supply. In terms of my trade setup, any entry below 1.54200 would be valid as this is the 0.618 fib retracement on the last major swing high. I’m just hoping to get better price.

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