My BIAS for GBP/AUD in the upcoming week will be a BUY.
My reasons behind this are that we had
1.A previous ascending channel which has been broken and rested with a strong Bullish Engulfing Candle following the retest.
2.We are currently travelling above a recent Supply Zone and also a strong daily resistance which we've also seen act as support at 1.81300.
Basic fib clustering technique combining multiple timeframe trend analysis to get high accuracy entries with a larger R:R.
Using the current 4hr bullish trend to enter a long trade on the ent higher low, Fib & TL bounce.
I am aiming for the target trend fib -0.27 extension to maximise reward:risk ratio.
Looking to SELL GBPAUD in SELL AREA and to close in Target Areas. Aiming to target 100+ PIPS.
Enter on reversal candle.
If price shows clear Strong Bearish break of price area 1.78600. Execute SELL.
Feel free to message me on there or telegram or even here. @EdTab1
Talking about last week, next weeks ideas and some psychology insights behind the trades, Enjoy!
All ideas in video.
The weekly timeframe outlines a bigger bearish flag pattern with already prior 3 touch confirmations followed by lower lows towards the bottom of the flag. Considering the approach towards the bottom of the channel we see a lower time frame (4hr) flag pattern which we can evaluate from the analysis I have posted above.
Trade active after the third touch...
GBPAUD has formed a acesding triangle on the 1HR and 4HR time frame and has broken the resistance that was previously tested and rejected successfully 4 times, price action looks to retest this previous resistance and flip to support. Price action is making higher highs showing a uptrend of price. On the 4hr time frame a dragonfly doji has formed showing an...