GBPAUD - Short Idea
I'm feeling this pair for a short. We have price entering a 50-61.8% Fib area, a pivot point is standing in it's way, we have a trend-line lending to a "change of polarity" where support is potentially turning into resistance? I'll set a forward order at the 50% Fib and get my stop beyond the 78.6%, pivot and a resistance area. 2:1 bring us just past previous support on this pair. If I don't see price getting into the zone of 50% fib and a clear reversal pattern is developing, I'll manually enter this short. I'll be very cautious of the 5:30am Pound news overnight. Let's see how this plays out. 1% Risk, 2:1RR -Happy Trading!
Trade closed: stop reached
I was wrongNote
The Brexit is a major issue these days, This is why we trade 1-2% of our accounts and allow slow steady growth. Quite the whipsawing going on.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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