My GBPAUD Analysis: A Clear Reversal in Progress
I’ve been following this pair for 2 years now and have been profitable. It’s one of my favorite pairs because of how fast it is. I notice nobody rarely has an analysis on this pair so I’ll be that guy for now.
A couple of weeks ago, Price came down to 1.71 and created what seems to be slightly a bearish engulfing before heading back up to 1.78. Price collapsed again and created a Morning star on a daily timeframe at 1.71 before heading back up to the 1.78 level again. For the last couple of weeks, price consolidated between 1.78 and 1.76. Monday May 30th’s daily candlestick finally broke that consolidation and I see it heading down more to a specific support level; one of my daily Fibonacci levels or weekly support. MULTIPLE rejections are what I’m looking for at any one of these levels before buying and heading back up to my TP of -27 extension or neck weekly resistance.
I speak much of the Daily and Weekly timeframes and enter on 4hr confirmations, I scale in on the 2 hr and hourly to get more precise entries, risk management is still a work in progress because these timeframes are very large but they conceal lots of dividends if things play out right and I’m talking from experience.
A couple of weeks ago, Price came down to 1.71 and created what seems to be slightly a bearish engulfing before heading back up to 1.78. Price collapsed again and created a Morning star on a daily timeframe at 1.71 before heading back up to the 1.78 level again. For the last couple of weeks, price consolidated between 1.78 and 1.76. Monday May 30th’s daily candlestick finally broke that consolidation and I see it heading down more to a specific support level; one of my daily Fibonacci levels or weekly support. MULTIPLE rejections are what I’m looking for at any one of these levels before buying and heading back up to my TP of -27 extension or neck weekly resistance.
I speak much of the Daily and Weekly timeframes and enter on 4hr confirmations, I scale in on the 2 hr and hourly to get more precise entries, risk management is still a work in progress because these timeframes are very large but they conceal lots of dividends if things play out right and I’m talking from experience.
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