Hi Friends.
Its been a while since I last posted a trade setup and I would like to think my trading has improved significantly in my absence from TradingView.
Next week I am looking at shorts on GBPAUD.
Looking nice on all time frames I use to be honest. M W D 4H 1H and 5 Mins.
Approaching monthly resistance zone highlighted by the blue rectangle area.
On Friday we closed for the week with a reasonably high test candle and a bit of a spinning top on the daily chart.
I am looking at a pullback to 1.82100 target area.
I have placed a potential setup on the chart but Ideally I would like to see a nice clean break below current price 1.83750 and retest from the downside before entering short.
looking at previous data for this pair I think there is a good possibility that price may come back up to retest recent highs on the 5m chart before moving swiftly back down. (High test candle on 1H 4H Maybe?
Either way bearish pressure is growing and it is looking like we have just made a new lower high after failing to break resistance at 1.84 (Double top rejection in confluence with .382 fib levels)
If you make some money on this trade please provide likes and follows and I will be more than happy to keep posting potential opportunities I see in the market.
Thanks!
Its been a while since I last posted a trade setup and I would like to think my trading has improved significantly in my absence from TradingView.
Next week I am looking at shorts on GBPAUD.
Looking nice on all time frames I use to be honest. M W D 4H 1H and 5 Mins.
Approaching monthly resistance zone highlighted by the blue rectangle area.
On Friday we closed for the week with a reasonably high test candle and a bit of a spinning top on the daily chart.
I am looking at a pullback to 1.82100 target area.
I have placed a potential setup on the chart but Ideally I would like to see a nice clean break below current price 1.83750 and retest from the downside before entering short.
looking at previous data for this pair I think there is a good possibility that price may come back up to retest recent highs on the 5m chart before moving swiftly back down. (High test candle on 1H 4H Maybe?
Either way bearish pressure is growing and it is looking like we have just made a new lower high after failing to break resistance at 1.84 (Double top rejection in confluence with .382 fib levels)
If you make some money on this trade please provide likes and follows and I will be more than happy to keep posting potential opportunities I see in the market.
Thanks!