FX.co ★ cingcalinguk | EUR/AUD

My Trading Strategy: Staying the Course on EUR/AUD I am currently maintaining my short position on the EUR/AUD pair, and my conviction remains firm. Looking at the recent price action, it’s clear to me that the bullish momentum we saw within the ascending channel has finally hit its peak. We are now witnessing a recovery back into the primary trend, and I believe there is significant room for the price to slide lower. The Game Plan: Targets and Execution My immediate focus is on the move toward the 1.64154 support level. I’ve already set my take-profit order right at this mark, as it represents a critical junction before the price potentially extends its decline toward the lower boundary of the channel.

At this stage, my strategy is simple: patience. I am not making any impulsive adjustments or micro-managing the trade. I am simply waiting for the market to play out and hit my designated targets. Contingency and Risk Management Of course, the market doesnt always move in a straight line. If the price action shifts and I am forced out of the market—ideally while still in profit—I have a clear "Plan B." The Scenario: A bounce-back would indicate a continued intra-channel correction. The Reaction: If the price moves back up toward the daily resistance line (the primary trendline), I won’t panic. Instead, I’ll view that area as a high-probability zone to re-enter my short position. Why I’m Not "Buying the Dip" I want to be very clear about my trading philosophy for this specific setup: I am strictly focused on selling the trend. I have no intention of trying to "scalp" or buy the minor corrections within the channel. Counter-trend trading in this environment carries unnecessary risk, and I prefer to align myself with the dominant bearish pressure. My bias is exclusively toward the downside until the market proves otherwise. The Turning Point The only scenario that would shift my outlook from bearish to bullish is a decisive breakout. I will only consider buying if the bulls manage to break and hold above the daily trendline. Until that structural shift occurs, I remain a seller on every strength, waiting for the pair to gravitate back toward the channel support.