GBP/AUD 4H Trend continuation setup (short) We can see price making lower low (new structure low) and that signals contiunation of the trend. Major daily structure is way lower and that tells us that price will drop down lower to that structure and retest it. PRZ is quiet large and i would take it at the top of it because of risk:rward ratio. If price will not...
I believe we will see a break of resistance at the 1.8239 area with a target of 1.83486. This is backed up by the fact that the channel we are currently in is bullish and has been for some time, the entry was determined by confluence of the 618 fib retracement level and the long standing support/resistance we have at 1.81784 which was recently rejected 3 times....
Sell at 1.8030 Stop Loss 1.8180 TP1 1.7840 TP2 1.7740
On Daily basis, we have "Head and Shoulders" pattern, Remembered line at 1.8000. So we can establish short position on a break out of this area and get on wave 4 (from the related idea). Sell at 1.8000 Stop Loss at 1.8400 (above previous high) Take Profit at 1.7500
This Long Term Idea is related to the Elliot Wave theory. Now waiting to complete Wave 4. Buy at 1.7500 Stop Loss at 1.7100 (Trade invalidation) TP1 at 1.9190 the previous high. TP2 at 1.9780