GBPAUD- "Signs of weakness between 1.8300 and 1.8400"
Looking for a 1k pip drop on this one.
Price is making lower lows and lower highs, In order for this to qualify for a set up we need to see price climb up to the red region, and I want to see a failed attempt to break 1.8300-1.8400.
This will show me the bulls are practically dried up in respect to the time frame and we could be prepared to see a move down (wave 5)
The bearish region (red zone) was created by using price action rejections, and volume profile to show me where the smart money moved price down.
My take profit is a mix between a measured move of wave 2 to 3 projected off of this potential wave 4 completion. And the bullish bat pattern I have drawn in grey on the left, which we should be seeing some bullish activity upon it's completion.
Price is making lower lows and lower highs, In order for this to qualify for a set up we need to see price climb up to the red region, and I want to see a failed attempt to break 1.8300-1.8400.
This will show me the bulls are practically dried up in respect to the time frame and we could be prepared to see a move down (wave 5)
The bearish region (red zone) was created by using price action rejections, and volume profile to show me where the smart money moved price down.
My take profit is a mix between a measured move of wave 2 to 3 projected off of this potential wave 4 completion. And the bullish bat pattern I have drawn in grey on the left, which we should be seeing some bullish activity upon it's completion.