GBPAUD – looking for an indecision daily candle … the week of 25
Price arrived at 1.9000 with a strong bearish daily candle. Because of this momentum, we should look for a continuation but this region is a strong support as well as a round number. The 1st thing that usually happens before a reversal is an indecision candle (small body with large wicks) appears. At this moment I have no real reason to believe that the uptrend will resume: it could well continue lower and that is why I will only be monitoring/analyzing/trading this on the daily chart.
If we get a doji that is followed by a break above its high, that will be a signal that the market is heading up again. It follows that a trade will not set up for 24-48 hours. If, however the market continues lower, my next area of interest would be 1.8500 or even 1.8270.
Being prepared for the unexpected is a good idea in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!
If we get a doji that is followed by a break above its high, that will be a signal that the market is heading up again. It follows that a trade will not set up for 24-48 hours. If, however the market continues lower, my next area of interest would be 1.8500 or even 1.8270.
Being prepared for the unexpected is a good idea in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!