Forex Trade Update: EUR/AUD Short Setup

Good thing I decided to set a lower entry order for this trade, as EUR/AUD briefly touched the 1.4550 level before selling off! Think I should still add or should I just keep it safe?

In case you missed ’em, here are my original and revised trade ideas:

Forex Trade Idea: EUR/AUD Divergence Play

Forex Trade Orders: EUR/AUD Short Setup

I will be canceling my other short trade order at 1.4600 since the pair seems to have set it sights on another strong dive, with no need to pull up for a higher retracement.

EUR/AUD 4-hour Forex Chart

EUR/AUD 4-hour Forex Chart

I have no plans to add on the break of the previous lows just yet, although I’m maintaining my strong bearish fundamental bias for this pair. I do plan on trailing my stop by 150 pips once price tests the 1.4400 support area though!

What do you think of my plan?

Cheers,

Happy time

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  • Roger Parker

    Hello Happy Pip

    I got into this trade and it is a bit of a see- saw at the moment. The German CPI number will make or break it I guess in the short term, let’s hope it’s a disaster

    rpsoroban

    • Happy Pip

      Yeah I got a bit bummed out that it started to range for the past few days, too! Looks like AUD strength from the RBA statement and strong Chinese data is giving this a run lower for now, waiting to see how the ECB statement will affect this. Are you keeping your trade open for the ECB decision this week?