Trade Recommendation: EURAUD

This trade recommendation is setting up quickly and requires prompt attention

The Euro Aussie Dollar pair has a good setup to go long with conditions. As you can see there is current resistance at the 6 Day Rolling Pivot Range (RPR) which coincides with the ‘A’ up line.

The Daily Pivot Moving Averages have turned up which is bullish.

With the support of the Pivot Stack which includes the Weekly Pivot, Daily Pivot and 3 Day Rolling Pivot Range this market is poised to breakout of the channel.

We must wait for confirmation however, and this will increase our chances of success if we buy on strength.

So, the action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement. Place the stop loss just below the Weekly Pivot low and the profit targets stated below.

Entry Price: 1.58784
Stop Loss: 1.58410
Profit Targets: First profit target 1.59210. Second profit target is 1.59430. As the market moves higher on the breakout, trail a stop loss 30 pips until second profit target is hit.

Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

Featured image courtesy of Shutterstock.

I am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.