FX:GBPAUD   British Pound / Australian Dollar
The weekly timeframe outlines a bigger bearish flag pattern with already prior 3 touch confirmations followed by lower lows towards the bottom of the flag. Considering the approach towards the bottom of the channel we see a lower time frame (4hr) flag pattern which we can evaluate from the analysis I have posted above.
Trade active after the third touch confirmation on the top of the bearish flag pattern, will be forecasting a break towards the downside. I have mirrored the bearish leg using the bar tool to display similar movement that we can expect.
Trade active: Trade retraced for a double confirmation on its higher zone, trade remains active for a longer short.
Comment: Trade retraced for triple top confirmation, trade still remains active.
Trade closed: stop reached
Comment: Market forces acted against us unfortunately, probability of the markets played out and reached the stop.
Comment: Trade closed on break-even no loss taken
This is a nice trade with nice analysis. Thanks!!
Alam-FX GibboP
@GibboP, No problem buddy many more to come
Sound analysis! You don't obscure your chart with indicators but instead focus on price action. I look forward to seeing more analysis from you in the future. Keep it up and you can become a top author.
Alam-FX CallumKalley
@CallumKalley, Thank you sir really appreciate it, simplicity of the charts are the key to capitalise on big returns.
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