GBPAUD sell setup is lining up nicely - now remember in a bearish market you want to be looking at selling the rallies, GA has been rallying since the BOE announced they would start purchasing bonds. However the overall HTF downtrend is still valid and price has reacted from a weekly supply zone which has then caused a BOS on the LTF - indicating a change of short term structure.
Since price has made the BOS the market has retraced to mitigate the 1H order block as show above and is now potentially forming a new LH and head and shoulders formation. We will be monitoring the LTF on the NY crossover for potential short entry confirmations - if we get the confirmations our first target will be the Asian session low second and final TP will be the liquidity below the triple bottom.
Since price has made the BOS the market has retraced to mitigate the 1H order block as show above and is now potentially forming a new LH and head and shoulders formation. We will be monitoring the LTF on the NY crossover for potential short entry confirmations - if we get the confirmations our first target will be the Asian session low second and final TP will be the liquidity below the triple bottom.
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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.