EURAUD - Looking For Sell Setups Already!

Oct 3, 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

As per my last analysis, we were looking for buy setups around the lower bound of red and orange channels.

Now EURAUD is approaching the upper bound of the red channel.

Moreover, the zone 1.665 is a strong resistance.

🏹 So the highlighted red circle is a strong area to look for trend-following sell setups as it is the intersection of the blue resistance support and upper red trendline acting as a non-horizontal resistance.

As per my trading style:
As EURAUD approaches the upper red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

The sell bias would be invalidated if the bulls manage to break above the blue resistance.

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich