The price finding resistance at 1.76350 area . Bearish as long as resistance area remains intact. As intraday trading strategy. we must get Bearish signal confirmed by trading below 1.75055 with potential target at 1.73394
THIS IS A TRADE IDEA - NOT ACTUAL TRADE
GBPAUD Bearish on Weekly Chart
THIS IS AS LONG TERM PLAN
1. Bearish Engulfiing Candle Stick at the Back Side of the Trend line
2. StochRSI over bought
3. Price Retraced from 50% fob level of the Down AB Swing / Fib # 2
I will be Selling till .618 retracement of Weekly UP AB Swing!
Target @1.96795
Then if price crossed...
If price creates a false break at the weekly top TL sell this pair. If price bounces we have a bearish hidden divergence.
SL 2 pips + spread above last high before the yellow line is broken.
TP 1 38.2 FR of the last big cycle up 1.92.5
TP 2 1.83
I would really appreciate any comments or thoughts on this analysis, what are you missing here, if there is anything unclear. Your time is greatly appreciated! Thank you.
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