Aidanfucile
GBPAUDGBPAUD trade forecast.
After the strong push down to our selling target, we have seen the pair look to have come exhausted. Now we can see the start of a potential bullish market after a level of support has begun to form.
GBPAUDGBPAUD trade recap video.
The opportunity has been and gone. However there is always another opportunity to come.
GBPAUDGBPAUD trade forecast video.
I am all about quality over quantity. Because of this, I spend a lot of time waiting for a trade that will never come or watching an opportunity pass me by. It is a common misconception within the forex industry that a trade should be executed every time you are on the chart, this is not true.
Time should be spent breaking down a pair, looking for direction bias, key levels and market structure, alongside other technical and fundamental analysis. Once this has been done, there is then the task of identifying the optimal location to enter the market to minimise risk and increase the probability of success. As well as trying to be as profitable as possible as that is the goal after all.
I find a trading plan with set rules for an entry is the best way to ensure discipline when trading. This is certainly the key to my success!
GBPAUDGBPAUD is currently sitting at a key level of support and resistance. From this level, we can be looking for either a reversal or a break and re-test of the level.
GBPAUDGBPAUD has been pushing down from the high of 1.82660 and has now approached a strong 4h support of 1.8000 of 1.79800.
From this level, we are beginning to see the slow down in momentum and some nice structure beginning to form in the 15min chart. Because of this, I am looking for one of two things. either for the pair to break the minor resistance and retest as support or reject from this level and push down further.
Take profit areas are set at the most relevant swing high or swing low and Stop losses will be set when entering a trade.
EURJPYEURJPY is coming back to retest the previous months low of 123.000 after a clear break to the downside. The value looks to have formed a clear level of what many refer to as support and resistance or supply zones. We have approached this area several times and always rejected/reversed.
The pair is currently at this area of interest and I have a short position in place on anticipation of another rejection. with a 25 to 30 pip stop loss and over a 250 pip take profit the trade is more than worth entering. Risk management is crucial as always and the lot size has been calculated to the stop loss as every entry is based on how much can be lost not how much can be gained.
GBPAUDAs we are coming towards the end of the week I have one trade set up left in the pipeline that has not been filled. GBPAUD is slowly being to retrace after an extremely bearish week. As the institutions are being to take some profits for the week, we can hopefully see the pair pull back to around the 1.82000/1.82500 before shorting further to remove any further sell orders that may or may not reside within the market.
We saw the break of the low on the 4th of November and the pair is yet to come back and retest the area removing any orders that may or may not reside.
US Presidential Election.As many USD pairs are heading towards or are already sitting at crucial levels, it is important that we take a minute and determine what effect we are expecting this high impact news to have on the currency. Although news tends to be the cause of volatility and not overall direction, something as significant as a four-year term may possibly have enough impact to put the dollar in its stead for the more near future.
Being vigilant whilst entering any USD based trades is something to be cautious of, alongside appropriate risk management as any unexpected volatility within the market may be enough to negatively affect any over-leveraged accounts.
