EURAUD Fibonacci retracement 1Hour setup

Mar 23, 2020

Quick scalp trade setting up on the 1 hour EURAUD chart. I'll enter at the 50% (GREEN) line, as price falls back to retest the area. I'll enter any bullish candle formation & watch the 15min chart for confirmation. I'll look to take profits on half my position at the 1st PURPLE line, as the pullback may not be over. If price cannot hold above the 1st PURPLE line, I'll await for a drop to the .618 Fibonacci level & reenter, expecting price to move back to the 50% & ultimately back to retest the high, where I'll look to take half profits on whatever is left of my position.