Fan Yang
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EUR/AUD at Consolidation Support, Again

I had a unsuccessful campaign buying the EUR/AUD. It wasn't disastrous because I had a winner but also hanging onto a loser. Essentially the sideways action in the pair will net me nothing if price falls below 1.5550. 

EUR/AUD 4H Chart 10/6

(click to enlarge)

Now, if I look at the EUR/AUD without any bias that being in a long position would, I would still say that the pair is at a place for a buy. It is basically trading just above the consolidation support. I am considering placing a buy order around 1.56, and again having a stop just below 1.5550. 

For my case, knowing that I already have some exposure to EUR/AUD long around 1.5760, I would only put in a 1/2 position around 1.56. This actually improves my entry point when the two positions are averaged. Now, for the bullish target I would adjust my original position to 1.62, with the new position limited to 1.5950, the middle of the consolidation range.