Decided to switch things up this and doing some analysis on another pair.
Price is at an interesting monthly level on EURAUD (the blue box, which is the top zone of the monthly range that's been going on since January 2014); a break of this previous high zone could open the way up for this pair which could potentially retest the 1,72 level before opening the all the way up to 2,0.
But as for now the pair is ranging on the daily so I'd be looking at selling the top of the daily range, and buying the bottom of the daily range (the red boxes), finding setups on the H4 and M30.
My range trading strategy and depending the position size allowed on a since trade, I'd take 30-40% profit off in the middle of the daily range, another 30-40% at the opposite extreme of range (so at the low zone of the range is selling and the high zone of the range if buying) and let the rest run in case price keeps going in that direction and break the daily range.
I'd personnaly like to see a break to the upside because of the potential for great upward moves, but there is also pretty decent profit to make if it breaks to the upside.
Wish you all a great week in the market next weeks!
Price is at an interesting monthly level on EURAUD (the blue box, which is the top zone of the monthly range that's been going on since January 2014); a break of this previous high zone could open the way up for this pair which could potentially retest the 1,72 level before opening the all the way up to 2,0.
But as for now the pair is ranging on the daily so I'd be looking at selling the top of the daily range, and buying the bottom of the daily range (the red boxes), finding setups on the H4 and M30.
My range trading strategy and depending the position size allowed on a since trade, I'd take 30-40% profit off in the middle of the daily range, another 30-40% at the opposite extreme of range (so at the low zone of the range is selling and the high zone of the range if buying) and let the rest run in case price keeps going in that direction and break the daily range.
I'd personnaly like to see a break to the upside because of the potential for great upward moves, but there is also pretty decent profit to make if it breaks to the upside.
Wish you all a great week in the market next weeks!