GBP/AUD LONG #1
Updated
GBPAUD has been showing plenty of bullish momentum going into 2020; knowing the direction of the market can create a valid bias of where price may move next. As I construct a multi-timeframe analysis, I incorporate the Wyckoff Logic philosophy. Looking at G/A on the hour timeframe, there was a clear break of structure over the NY/London overlap (PST), going from 1.88500 to 1.89500. Since then, price has been accumulating; Therefore, we now wait for smart money to drive price down, activate sell stops, clear out those whom broke even and/or placed tight stop losses. Ultimately, before entering phase D in the Wyckoff Schematic. Taking price to approximately 1.91500. Until then, we wait and see what the market tells us moving forward.
Trade Safe, Mauricio
Trade Safe, Mauricio
Note
Follow up on last weeks set up; I entered at the first given entry and my SL was just missed by a pip or so. The market then began to print bullish candles giving me about 48 pips before I closed for a number of reasons. ( Trading plan was met, it was the end of the week and markets close, and you simply cannot go broke taking profits ) Now, moving forward we can see the market gaped to the down side, pushing price to 1.8850 or so and reaching my next Point of Interest indicated by the green box, ultimately giving me a second entry.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.