Most Forex majors are trading at important levels or in a range, although a few of them are pretty close to have a clear market condition, we must wait for the market to make its first move (before we start looking for trade opportunities).
On of the crosses that have been trading smoothly in a clear market condition is the EURAUD, I know there are not a lot of traders who focus on this one, but hey, if it has a good and clear market condition, and other aren’t as clear as this one, why not test the waters with this one…
Anyway, the EURAUD is in a bearish market condition, last week it broke an important long term support level, and its next support is more than 300 pips from where the market is trading right now:
This puts the EURAUD in a bearish market condition with short trades in play.
Here is my trading plan:
As long as the EURAUD keeps trading below 1.6032 I will be looking for short trade opportunities. All TP orders will be set above the next LT support level: 1.5647
All long opportunities will be ignored.