GBPAUD: Will Support Holds at $1.85000 Level?
Hey there!
I am looking to play into the past resistance now turn support at the $1.85000 handle. We can already see that zone is definitely an area of interest as both bulls and bears battled it out on yesterday's candle. The sellers were able to make a session low at $1.84500 but buyers quickly entered the market and record a session high at $1.8630, the sellers then re-entered and drove the price back down, hence forming a spinning top candlestick. In the end neither the sellers or the buyers could take solid control. However, whenever a spinning top forms after a run down the market, it can be an indication of a pending reversal, as the indecision in the market is representative of the sellers losing momentum.
Based on this technical set up, I am interested to go long at current levels with a market order at $1.85305. I am setting a really tight stop loss at around 1.84300 as this is a counter trend trade strategy. My take profit is a little ambitious at $1.89900. I'll definitely be monitoring the trade, lock in profits, and adjust stop loss as I see fit if the trade plays out in my favor.
If you like this set up, give me a thumbs up on the idea, leave me a comment to let me know which side you favor, and don't forget follow my page.
Stay tuned for updates and good luck :-)
I am looking to play into the past resistance now turn support at the $1.85000 handle. We can already see that zone is definitely an area of interest as both bulls and bears battled it out on yesterday's candle. The sellers were able to make a session low at $1.84500 but buyers quickly entered the market and record a session high at $1.8630, the sellers then re-entered and drove the price back down, hence forming a spinning top candlestick. In the end neither the sellers or the buyers could take solid control. However, whenever a spinning top forms after a run down the market, it can be an indication of a pending reversal, as the indecision in the market is representative of the sellers losing momentum.
Based on this technical set up, I am interested to go long at current levels with a market order at $1.85305. I am setting a really tight stop loss at around 1.84300 as this is a counter trend trade strategy. My take profit is a little ambitious at $1.89900. I'll definitely be monitoring the trade, lock in profits, and adjust stop loss as I see fit if the trade plays out in my favor.
If you like this set up, give me a thumbs up on the idea, leave me a comment to let me know which side you favor, and don't forget follow my page.
Stay tuned for updates and good luck :-)
Trade active:
Enter market at $1.85305
Trade closed manually:
I took half profit at $1.8630 and remaining half closed on break even after price failed to hold above the $1.8630 level. I will continue to keep a close eye on this pair to see what it does next.
Have a safe weekend :-)
I took half profit at $1.8630 and remaining half closed on break even after price failed to hold above the $1.8630 level. I will continue to keep a close eye on this pair to see what it does next.
Have a safe weekend :-)