Joined Jan 2022
Status: Junior Member
For those who may have missed the picture perfect GBPAUD 4 hour breakout trade recently, this pair may give us another chance to enter into the upward daily move. For me, if I get a 4 hour stochastic signal in oversold territory next week, then ill be looking to buy the dip on this pair once i see a nice return to trend move confirmation on lower timeframes ... like they say, plan your trade and trade your plan :-)
Although I have not traded this pair in a long time, I would like to pitch my opinion.
This pair has been going UP for a while. It is more likely to go up.
YET!, the last daily candle looks weak given its wick. If and only if Monday's candle is negative, I would sell. Or a risk can be taken given the level it is on right now to short with a SL above the candle.
GBP/AUD (4H): The price reversed from the major 1.90 resistance, then formed a lower low and a lower high. The daily price action is going to be a reversal, which may mean the beginning of a downtrend soon
GBP/AUD is currently in the correction phase.
After breaking through the countertrend, the price may form a lower high and continue the downtrend towards the 1.84500 support zone.
But before the countertrend line is broken, the price may reach the 0.618 Fibo level, and form a reversal setup there.
GBP/AUD (1H): the price has formed a 'Double top' reversal pattern.
Price Action pattern indicates a possible beginning of a downward movement (after breaking through the current support level).
Potential target is 1.9475 support area.
Trying something new, combines ZigZag with Elders Triple Screen for trend analysis and Fibonacci for retracement entry, stop loss and targets, so looks great overall for any price action junkies out there or should I say in here?
This is set up and pre-entry, which may not happen, good luck.
Attached Image (click to enlarge)
If you chase two rabbits, you will catch neither one!
GBP/AUD (1H): the price is now retesting the resistance area, forming a lower high.
If the local support is broken, we may see the continuation of the downtrend.
Confirmations: breakout + lower low, retest, Fibonacci correction.