More than 10 years of experience, trading with the Cross-price Matrix system, is the main reason why we've felt so comfortable to carry on with our short position and keep playing our bearish outlook on the EUR/AUD.
In-fact, we were dragging this losing trade for almost a month now. Nevertheless, we were still very confident that as long as price remains within the boundaries of the setup (namely, stay below the resistance key-levels of 1.6355 and 1.6407) we should expect a major come-back sooner or later.
The topping out process was very interesting in itself, as price was double topping on the key-level of 1.6355 just to break it later on and sneak up on the last line of resort at 1.6407. That was a remarkable vote of confidence on part of the resistance key-levels that have been successfully pushing against price action thus, activating a downside reversal. Now we are back in business !
Furthermore, because we felt so confidant on this bearish come-back, we actually doubled down when price was beginning to pull back from the encounter with the 1.6407 key level. And we didn't stop there. We kept firing up more trades as price was continuing to slide downwards.
Finally, the recent break below 1.6248 is another important milestone and a strong indication that price has more downside potential in its pipeline. Check out our expert analysis and real-time conviction as it was published on our Members Area a few days back.
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