GBPAUD - Trade plan
Updated
GBPAUD
WEEKLY:
- Trend - very strong recent corrective (bearish) price action but still yet to break below previous lows so trend is still up
- Market Structure - Price has reached a key level (of previous supply) and couldn't break below the bull trend line
Daily:
- Trend - recent bear trend is weakening, overlapping bars increasing, lots of wicks (no conviction) and sideways movement.
- 1.809 is a level to watch of previous recent support now resistance.
4HR:
- Price is basing and made an inverse H&S reversal pattern.
Entry Plan:
- Wait for right shoulder to form
- wait for breakout of neckline (1.809)
- Enter on re-test.
WEEKLY:
- Trend - very strong recent corrective (bearish) price action but still yet to break below previous lows so trend is still up
- Market Structure - Price has reached a key level (of previous supply) and couldn't break below the bull trend line
Daily:
- Trend - recent bear trend is weakening, overlapping bars increasing, lots of wicks (no conviction) and sideways movement.
- 1.809 is a level to watch of previous recent support now resistance.
4HR:
- Price is basing and made an inverse H&S reversal pattern.
Entry Plan:
- Wait for right shoulder to form
- wait for breakout of neckline (1.809)
- Enter on re-test.
Trade active
Price dropped lower but did not invalidate the inverse H&S and has printed two bullish candles to break trendline and local resistance.Entered a 1/2 position, will continue to monitor and will trade original trade idea if it plays out:
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