Possible shorting options
Updated
Hey traders,
As you can see GBPAUD has enjoyed a wonderful rally in recent days and broken multiple level of resistance. It has now reached to major resistance level. RSI is also seriously overbought position so there might be a strong possibility that we will soon see some fib retracement. I will be looking for a reversal indication on a smaller time frame to short from here and will be looking for tp1 around 0.382 fib level and tp2 around 0.5 fib level. Remember, if we get a bigger retracement we get the stronger bullish push up is likely to occur once retracement finishes.
Let me know your views!! Trade safe and enjoy.
As you can see GBPAUD has enjoyed a wonderful rally in recent days and broken multiple level of resistance. It has now reached to major resistance level. RSI is also seriously overbought position so there might be a strong possibility that we will soon see some fib retracement. I will be looking for a reversal indication on a smaller time frame to short from here and will be looking for tp1 around 0.382 fib level and tp2 around 0.5 fib level. Remember, if we get a bigger retracement we get the stronger bullish push up is likely to occur once retracement finishes.
Let me know your views!! Trade safe and enjoy.
Note
As you can see the market has rejected multiple time on 4h time frame which means we should see some more pips soon enough. As we are already in profit so I have moved my sl to break-even to enjoy the show.Trade safe and have fun
Trade closed: target reached
Trade closed with a whooping 182 pips.
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