GBPAUD has formed a series of bear price pattern on both monthly, weekly, and daily time frames. This suggest that GBPAUD will probably move lower over time in the coming months , weeks and days.
On the daily chart, we have an ascending broadening pattern which depicts a clear bear price pattern. We recently had a breakout and retest confirming the bear price pattern. Timing is very key in order to have a good risk to reward ration.
We therefore want to sneak in a sell stop order below the low of last week trading range @ 1.89600 and should the market decide to plunge we will be in the trade.
On the other hand should there be a retracement, we will be looking for price action signal to go short with a favourable risk to reward ratio.
Our target is 1.8500
On the daily chart, we have an ascending broadening pattern which depicts a clear bear price pattern. We recently had a breakout and retest confirming the bear price pattern. Timing is very key in order to have a good risk to reward ration.
We therefore want to sneak in a sell stop order below the low of last week trading range @ 1.89600 and should the market decide to plunge we will be in the trade.
On the other hand should there be a retracement, we will be looking for price action signal to go short with a favourable risk to reward ratio.
Our target is 1.8500
Trade closed manually
We close the trade @ 1.8700 for a 260 pip gained. will be watching out for retracement and look for a good RR to enter short again
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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.
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.