GBP / AUD - Wait for the kangaroo bounce - SHORT
Updated
The pound is bouncing back at the moment, but remember we're in a downtrend, that means we must be patient to find a level of weakness to sell it back down, and the Aussie has bounced back too, so at some point one of them will lose and it will be the one that cannot sustain long term growth without indecision and with Brexit looming, that can only be the Sterling.
I expect the pound to rebound to either of these resistance levels, look for a "two try" rejection, wait for a price action signal and a move similar to this, try one, try twice and then don't make the move higher on the third try, price action rejection, sell.... I will update this pair as we go.
I've done a longer-term analysis to support this, see link below, this pair have made me over 1000 pips of profits this year, you can too with patience and knowledge and not just waiting for sell signals from others.
I expect the pound to rebound to either of these resistance levels, look for a "two try" rejection, wait for a price action signal and a move similar to this, try one, try twice and then don't make the move higher on the third try, price action rejection, sell.... I will update this pair as we go.
I've done a longer-term analysis to support this, see link below, this pair have made me over 1000 pips of profits this year, you can too with patience and knowledge and not just waiting for sell signals from others.
Note
Today will be one of those days when trades are trying to find their levels, break levels and support new trends, you can see this in the aggressive moves happening very quickly. It's incredibly important you stay patient for an entry, don't enter to just be in the market and if you've got a trade on a long-term, swing trade, be prepared to see larger sideways movements and therefore don't sit and watch them, don't enter with anything less than a 15m timeframe and preferable a 1h.
The Aussie is very strong overnight, as is the Kiwi, forcing this pear to look bearish, but the Pound is not that weak, not like the Yen or US$.
Note
Short term bullish on this pair, there will be a small pullback above the close @1.753 buy up to the Pink zone with a stop below 1.75. The pink zone is the first bear trap on our chart above, so keep your stops tight to retain your profits.
Note
Things are hotting up as various pairs approach retracements / major confluence levels.Note
Profit taking has begun and Sterling is taking a hit, we're in a short term Bull, but long term bearish, so be aware of the bull bounceNote
Price is narrowing for a breakoutNote
If you're making lots of trades per day and risking more than a few % of your trading account on each trade, and trading lots of the same pairs all the time, your not trading, your gambling and badly. That maximum I ever trade is 5% of my entire trading account and that's to the top of my stop loss and that's only if the set-up is a 5 star, I may do that once a week if I'm lucky, it's normally closer to 1-3% Don't trade to just be in the market in the hope of catching a move down or up, against this is gambling and not trading. Set your position size based on where the stops are relative to the previous structure.
If you're a total beginner trading with real money just following other traders, firstly you are crazy, secondly, I wouldn't trade more than 0.25% in that instance, if I was happy just following others, always do your own analysis and within your own trading plan / account management.
Note
Huge move up, glad I didn't open a trade on that pair Note
Nice 1h candles developing, do not trade this until close or tomorrow.Trade active
Long at support after the pullback into the daily close / open, stops below the line at 1.758 Trade closed manually
Too slow, volume has gone, I'm going out for the rest of the day. Only USD/JPY left to run in profit, all other trades are closed, enjoy your weekend.Trade active
I have an active trade @1.7656 on 3rd August. Looking for a further move down to 1.71. Look at the link below for my much longer-term view and how I've made money out of this pair. Note
The downside is still strong on this pair, looking for 1.74 then 1.72 strong rejection of the moving average at 1.78 Note
First target achieved @1.74 lots of downside on sterling right now and the Aussie has some strength, expecting further downside to 1.73 - 1.72, lets see if we get a strong bounceTrade closed: target reached
Time to target: 4 daysProfit: 240 pips
3% risk - 1:2.75 return (8.25%)
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