47 -GA - Buy with the flag pattern (ride the trend)Hi,
It is my second trade,
I buy with analysis:
1. Flag pattern
2. Riding the trend. (follow trend), not sure is it wave 3 or wave 5. But i set TP at the previous high.
GA
GBPAUD Daily Technical AnalysisSeems like GA is forming Double Top , Probably it Can start Downtrend With The Breakout of Triangle and Consolidation period will be over with,
Stick your Eyes for the breakout , If you find this analysis Useful Then like and Comment :)
GBPAUD analysis for Week 5As I mention in my analysis last week, my long term bias on GA is pretty bearish. Last week, we came all the way to 1.7700 to test the 0.618 Fibonacci level. After that, GA formed a evening star candle, with extreme bearish close on Friday. I will expect some futher down side momentum on this particular pair, 1.72500 will be my first target. Depend on the price action around such level, I will then update my analysis on this pair. Now, I personally will wait for any retracement on H2 time frame to actually execute a short.
GA down then back upGo ahead and take the potential 90ish pip short then continuation to the upside. The trend up is too strong to be ignored and we will push higher
GA 50/50 bounce then buy zone oppBulls in control. short term sell at the 50% fibb level of the downtrend (that kept the overall bullish momentum intact with a HIGHER low) Overall uptrend targets are in the hundreds of pips. But conservatively 50-130 pips potentially on the table for the retrace before continuation
GA not looking good, whatever sell comes will be sharply downExpecting the type of protracted non-stop selling that pushes hourly candlesticks below lower bollinger bands for a long time before exhausting.
Am neutral, just observing that breakdown (cyan line) that has acted as pivotal point. Continuing observations from my short call late last month,
If I had to guess on where selling might exhaust, it'd be at the bottom of that grey channel.
Slight GA Retrace Onward to July BreakGA is FLYING with no slowing down in sight. Bullish momentum will continue and we will break the July 6th high, I am looking for a re entry to the buy after the slight retrace i'm expecting. I did something unconventional with the Fibb retracement: from the established low i drew out the range to the July 6th high giving us great confluence with what happened at the 38.2 and 61 zones.
Because of this i think the trend line to July 6th can be trusted and this retrace will be small yet provide the best entry as we take out the July high
GBPAUD LongLooks like the GA might make it to 1.82233 but I can't be sure, so my first target is 1.79008 then either keep or if it starts down pull out or switch to short.
GA longa nice hammer has been formed on the daily, I believe that we are going to be up the next (this) day. RSI bottom divergence can also be seen.
GBPAUD LongChart says it all:
-Broken and closed outisde really strong trend line acting as resistance
-Now not making lower lows
-Also found support on the monthly key level 1.9900 and 20000
-which is a good psychological number if it hold
-Break-retest-enter
-Target key level of weekly resistance 2.0400
GBPAUD - Buy at the breakout of the channelIn the much bigger timeframe, it is a correction being made, I foresee a last impulse way once a breakout of the channel.
We could buy at the breakout of the channel
This is time to be back to the trend. Please Look at the addition chart chart down below, below for bigger view
This setup are base on the following reason.
1. GBPAUD still in major uptrend (as in chart below). even tho, price is come down for support. The price itself already reach the support point last week. it should go back down again for smaller double bottom. before going back to it's first major resistance at 1st Target.
2. Major support/resistance line as shown in the chart below (monthly candle chart). where blue line of (1st Target) will be next move.
3. A big previous structure. around years 2008 - 2010. (As point by PURPLE box)
Setup configuration :: (More info with a bigger views in the follow up monthly chart.)
LONG @ 2.0450 , (As point by ORANGE box)
This number come from last week spike, as well as previous structure base on monthly chart down below. where it is do rejection from this point a few time around years 2008 - 2009.
STOP @ 2.0150 , (As point by RED box)
This number come from years 2008 - 2009 support with extra pip, where this should hold 2 major spike like what happen before, at around years 2008-2009. (as indicated by RED line) in monthly chart down below.
TARGET 1 @ 2.3500
This number come from multiple reversal, where support become resistance. hence, this should make a smaller rejection before returning to ever more uptrend.
TARGET 2 @ 2.6500
This number come from the upper-limit of range happen in around years 2004 - 2009. as seen on monthly chart.
addition monthly chart for bigger view. as well as, support/resistance line.
Addition weekly chart of previous structure.
Long setup base on trend continuation...This setup come from the following indicators.
1. This trend continuation is base on very weak AUD economy.
2. and, a strong uptrend base on monthly/weekly chart where only green candle is form.
3. as well as, intermediated price action in daily candle as point out near Purple Box.
4. including, prince pulse expectation as point by Blue Box.
Setup configuration ::
(As point by Purple box)
This number come from a series of daily candle as point in the Purple Box area. Where many DOJI candle are form together, and following by "Bullish Engulfing".
(As point by Red Box)
This number come from the last peak, and numeral smaller peak under its. Price rejection since price passed this line and above it many times ( Long spiky wick on candlestick when price get near this level ). ( If price "go below" this level it mean there is not "up trend" anymore. and long positions should be exited)
(As point by Orange Box)
This number come from price support/resistance since year 2008.
