Before I start, let me say that I took my biggest ever trade yesterday. 138 amazing PIPS GBPUSD sell taken off before Mark Carney’s speech.
So here we are this morning, for about 3 days EURAUD has been forming a head and shoulders reversal pattern, my Pro Act Traders charts this morning alerted me to a break below for a possible massive move down.
Incidentally I am sure this will go up slightly before it goes down (break-hook-go) as they fix the drop. There is a nice wide open space before. I actually probably entered early but that is ok – I should have entered at the hook after the retrace up.
Looking back, I couldn’t find EURAUD being this high for a long time. In fact the last time the pair were at this level was 2010, so not much history to go on.
Of course back in 2010 EURAUD was a LOT higher and fell massively. In fact AUD had been getting stronger and stronger.
Update – Hook complete now for bearish move.
Further update, look how they pushed it up to square up the big candle.
And finally although it took a while the Hook went down as predicted.