1 HOUR Very bullish price action towards previous resistance
4 HOUR Waving formation at its top, we need a drop now.
DAILY Short holders taken out before droping further down.
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FOREX SETUP SELL EURAUD ENTRY LEVEL @ 1.63460 SL @ 1.64560 TP @ 1.61260 RR: 2.0 Use 0.5% risk! (Remember to add a few pips to all levels - different Brokers!)
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For the whole of last week I have been on a long on this trade on the Daily, this trade is already in the money and my trailing SL now determines my final profit. The indication on my live trade is showing me that we have the wave 3 to 4 downwards correction before we have the final wave 5 uptrend. So yes I do agree with a short on H4 but an overall long on the Daily and Weekly
Nice job, My take profit is a bit higher, I am also waiting for the momentum to flip first. Were a little over 2 SD from the mean on my chart so its one you need to watch closely.