Thursday, 12 May 2016

Forex Price Action | EURAUD +9 pips 2016-04-27

EURAUD +10 pips 2016-04-27 | Extended Reversal

After a move up, EUR/AUD has broken to the short side. The grid pattern shows an extended reversal pattern, where the 1 min boxes are above the the lowest 5 min box (see red arrow) creating a checkmark pattern for the arrangement of the boxes. The trade initially goes against us but there is the opportunity to add at the the two column support on the 5 and 15min time frames. The add allows us to closed out our initial entry when it gets back to break even then take half at +7 and the balance at +11 giving us a net +9,

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Previous recording Forex Price Action | GBPUSD +10 pips 2016-04-26

from 24HR Forex Trade Room