The EURAUD has treated us in the past few weeks by offering a chain of bearish rejection candle sell signals.
Looking at the daily chart, we can see the event started to occur when the market started printing lower highers – the first bearish rejection candle here setting off the Mexican wave.
Unfortunately none of the previous setups have offered any retracment entry prices š
The most recent signal still looks good to build a short position off, and ideally we would like the retracement entry, so we can tighten the stop loss spread.
Retracement Entry Hit
So after our previous discussion here on the EURAUD, we were waiting for a retracement entry on the last signal of the chain here on the daily time chart.
As you can deduce from the chart above, the retracement entry has been triggered!
I know a few war room traders have jumped on board here. The next major support level lines up with the 400% ROI target level – so if the trade plays ball, we could see some good returns generated from this setup.