GBPAUD Short Trade Set Up

FX:GBPAUD   British Pound / Australian Dollar
I am looking to keep selling GBPAUD on the next lower high. It is continuing to make bearish waves on the 1hr/4hr timeframe charts.

Using the upper trendline and Fibonacci Retracement tool, it can produce some very good reward:risk ratio trade entries.

Entry Price - 1.86800
SL - Above TL and Fib 0.786
TP1 - New Lower Low

Check out my blog site for more free trading eduction and technical analysis
Comment: An alternative entry is to await the break of the current 1hr CTL and short on the next intraday lower high. This is a contingency plan if price doesn't pop up to retest the TL and Fib 0.786 at 1.86800
Trade active: Sell limit order triggered at 1.86800
Great analysis. Currently in a short position myself. lets ride this all the way down to 1.85500
+1 Reply
Charlieab94 TheForexNerd
@TheForexNerd, Thanks mate :)
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out