GBPAUD - 4HR CHART - THE BIGGER PICTURE PLUS TRADE SET UP 12/09

Traders, two things can happen here. Price can bounce or continue its downward trajectory. We can see that we are down trending and until otherwise proven we remain bearish. A drop below 1.9427 will see 1.9300 level tested. On the 4HR chart we have a BOS(HH) and a move lower that soaked up liquidity(buy side). We may see a temporary bounce up to the 1.9748 resistance level before price turns around and/or price tests the highs again. Let's box this thing up next. See below.
DIONNG

Comment:

Traders, price is boxed in between 1.9487 and 1.9428. Caution: We are still down trending. Take partial profits approaching Supply/Liquidity areas if BUYING and watch the price action. There may be SELL opportunities at the supply/liquidity level but wait for CONFIRMATION. Remember, price action is king.
DIONNG

Comment:

Traders, we had a break out/retest of the lower boxed area. Risk above structure(25-27 pips), TP 25-45 pips ok.
DIONNG

Comment:

This is my set up for GA. Monitoring the price action 06:30-08:00 for a bounce of support and BUYS to higher level or a break of support/retest SELLS.
DIONNG

Comment:

Traders, GA continues to sell off. For todays session, this is my trading plan for this pair. Price is boxed in between 1.9300 and 1.9243(57 pip range). I see four scenarios playing out.
1. Price breaks the lows and continues downward trajectory.
2. Price attempts to break higher(1.9300+), fakes out, and continues its lower trajectory.
3. Price breaks higher to first supply area and sells off.
4. Price breaks higher to second supply area and sells off.
We are in bearish territory so caution with the buys. We may see an upswing in the short-term but beware of the bears.
Remember, it's all in the timing. ASIA may consolidate between the boxed area and LONDON will show its hand. If we get a London push higher, we may expect a NY sell off. Trade accordingly
DIONNG

Comment: