EURAUD MTF Analysis
- I came across this setup when looking at the currency strength indicator. AUD displayed a 8.0 and USD displayed around 1.0 strength
- This indicates to go short on the EURAUD when basing off of currency strength
- I loaded up MTF for EURAUD
- The 1hr, 4hr, D1 and W1
- H1, 4H, D1 show Stochastics around the low below 20 zone (this indicates the pair is oversold…so be careful)
- W1 show Stochastics at the overbought level (80)
So, here is our plan! See possible entry, pending entry and target zones at the bottom of the post
Pending Or Immediate Entry
- You can enter a short immediately, but watch your positions…it is best to wait to see where the candle body ends on the D1 today. I would rather miss out on a trade than potentially get stuck in trade by entering right now
- Short Entry: 1.712464
- Short Target Range: 1.696812 – 1.677252
- Trail stop for maximum profit!
Cheers to another successful week!