Gbpaudtrade
The trend is your friend, until... The trend is your friend, until it...BREAKS!
What do I mean by this? Well I will produce a video this week explaining what I mean by this and how fixed-income market is something you should be keeping an eye on
Now $GBPAUD - Beautiful bearish movement we've had for a while but now we getting bullish candle! What does this mean?
Sorry to disappoint you or to get you excited - it means absolutely nothing at this current moment of time, we in bearish channel and if we close above out of this channel, then sure bullish movement could come into control for short term and go to next resistance if NOT - guess what, the trend is still your friend, so you take the short side! There is most likely going to be a set up on short term time frame brewing and there was long opportunity this week, a great set-up should be brewing for us to trade next week.
In my personal opinion, I rather be late to the party than early.. All explained in the week ahead video!
Have a great week ahead
TJ
Disclaimer: Not Investment Advice
GBP/AUD - SellMonthly:
1. Impulse
2. Complex correction
3. Break of correction with new impulse
Now the price is make correction and is very possible to see 3rd touch of trendline.
If 3rd touch happend with nice bearish candle I will sell.
Weekly:
1. Last week the price close like Doji candle
2. Break of neckline without pullback for test
Expect a little down drop.
How to predict to where the price will drop?
Well if I add fibonacci from the high to the low where 38.20% Fibonacci level will align with the neckline I can understand. 0.00% Fibonacci level align perfectly with lower low in the past from where the price is jump to the upside.
Daily:
1. Impulse
2. Double bottom formation / not completed for now/
Double bottom formation is trend reversal pattern.
4H:
1. Impulse
2. Complex correction
3. Break of correction with new impulse
Now the price is make correction and is very possible to see 3rd touch of trendline.
If 3rd touch happend with nice bearish candle I will sell.
GBPAUD Possible Pullback (LONG)Pound saw weakness last week due to rising tensions in the world. This week will be much risk on so the pound will gain some strength. What I see on the chart is an over extension of GBP to the downside and I would check the price action in the marked area for a possible pullback to go long. Best of luck