EURAUD follow up

Since I'm posting about EURUSD and AUDUSD today let's have a look at our long term trade plan for EURAUD as well. (EURNZD will follow later today).
For my previous post and context see link below:

I still count the move on the daily time frame as a triangle consolidation. I'm therefore looking for a bullish reversal on lower time frames until proven otherwise which will result in me adjusting to the market.
Short term we see a minor impulse and my pending buy was missed by a few pips. That's part of trading and doesn't matter since the best and safest trade has yet to come.
If we see a consolidation for this minor bullish impulse I will buy the continuation with stop loss below the consolidation. If it reverses we are not in the trade and simply wait for the next set-up.

Updates will follow.

www.timstuyts.com

www.facebook.com/timstuyts

www.youtube.com/watch?v=HvmWTm4f...

Kommentera:

Well we didn't see the consolidation and price made a new low. We weren't in the trade so no loss. I will update EURNZD today as mentioned yesterday because I think that pair might be better to trade in the near future. Regarding EURAUD I will closely manage it but we might see an invalidation of the daily triangle which will indicate a whole new scenario with much more room to move lower.
Updates will follow

Kommentera:

It seems like EURAUD is about to reverse. Whether this will be an impulse or correction will determine what's next in terms of the higher time frames.

Kommentera: