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EURAUD Price Action Analysis – 25th Aug 2017
EURAUD has been up trending by obeying a Trend line on the H4 chart. The price is at the Support level of the trend line again. Thus, it might be the time for the pair to make another move towards the North. Let us have a look at the H4 EURAUD chart.
EURAUD Price Action Analysis – 25th Aug 2017
Look at the Trend line, which has been obeyed by the price by number of H4 candles. The price had rejection from the level twice. The last H4 candle is trying to come down to test the Trend line again. If the price had another rejection, then buying the pair would get us some green pips. We need to have a Pinbar or an Engulfing H4 candle right at this level though. Let us have a look at the summary of the trade…- Buy Limit Order: 1.49300
- Stop Loss Level: 1.48350
- Take Profit Target: 1.50200
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Trading on Trend line’s support or resistance is very similar to trading on horizontal support or resistance. We wait for the reversal candle at the value area. Same goes with the Trend line trading as well. The support or resistance level in this case move towards the trend as time goes by. However, trend line trading has an advantage over horizontal Support/Resistance trading. Trend line support or resistance is always a dynamic support or resistance. That is why it gives more confidence to the traders and that leads the pair to have much liquidity.
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