EURAUD Keeping Us Company!

Good evening ladies and gentlemen

I hope you all had a wonderful weekend and were refreshed for yet another trading week. Just as a reminder, you should have a distraction away from trading that inturn keeps trading fresh and exciting. Staring at the computer and analysing charts is not the most exciting thing on this Earth. However, for me, my daily trip to the gym keeps both my mind and body healthy and motivated which really benefits my trading. If you find yourself infront of the screen all day everyday you will soon burn out. As my mentor says "Less = More".

So this week I thought I would follow a chart which I have put an entry in on and am waiting to get triggered in. That is the EURAUD. Below I have the daily chart and we can see that price has been nicely coming down for sometime. At the end of last week, price managed to break past the previous pivot after a fairly big pullback, which could be a good sign if the saying the Trend is your friend holds true! This action is all happening in close proximity to a RN which today's bar seems to have found some resistance at. However, looking at the indicators, Stochastics is showing OS and the signal lines have crossed over but is that is a true or false signal?




As always do your own analysis.

I will leave you with this thought "Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome."

Till tomorrow

Abundance is your Birth Right

Zaheer Anwari