After a positive surprise for the market on Australian elections as Conservatives keep power via coalition and the polling companies have yet another shocker after predicting in the last 50 polls that Labour would come to power. This mild positive and the oversold nature of AUD led to a large short squeeze with AUD trading up 70 pips from...
I'm waiting for a clear break of this trend line and will then go long on this pair to fill the gap above.
I'm expecting some downward consolidation before this break takes place.
Trade safe and good luck!
Plan 2 - GBPJPY
Buy from Support trend line up to resistance. Lowest support just about sits below the support trend line when the market will reach entry zone.
3 TP set up allowing more flexibility to this GBP set up. TP1 is already aiming at 260 pips alone. Option to close trade there and move on or invest properly and go all the way to TP3.
GBPUSD buy set up -
The market has resected the support trend line that has built up since October 2016 quite well making it a good entry for a buy up to resistance trend line. Multiple TP set up with TP1 & 2 on the chart. TP1 goal was to place it in between entry and TP2, it doesn't fit well but it will do the job as a TP zone.
Been monitoring this trade since last week Monday. Saw the support zone for last week overall trend reversal and now letting the pair produce a bullish channel.
It the current candle which opened this evening closes above my line @110.189, this will show that it has broken previous daily tf resistance.
Target Price @111.459