as promised here is my EUR/AUD from the week which worked out almost picture perfect.
I noticed a divergence in the two "risk on" currencies AUD and EUR. There are possibilities to trade AUD strength and EUR weakness, which had be the whole plan for the week. You can either by AUD/USD and sell EUR/USD, or you coul simple short EUR/AUD, which has the nice carry trade addition (keyword is swap). I take the advance of the EUR/AUD trade and it played out nice.
Stop: just 20 Pips
Target 1 for momentum: 40 Pips
Target 2: 140- 160 Pips (it has depend how you measure the S&H-Pattern)
Both Targets was achieved on Friday. Enjoying Smart Money.
Here is the Setup in Picture.
First picture is 4H Setup.
Second Picture is on a smaller timeframe and shows my entry.
Third Pictures show smallest timeframe and how I have handled the momentum portion.
Later in the blog I will post how I trade this momentum stuff. Time, Pattern and Price acton are the key to trade high lot sizes.
Stay tuned for the outlook for next week, my EUR/JPY Setup, which is still on and maybe my little CRUDE OIL trade from friday evening.
See you. Enjoying sunny sunday.