GBP/AUD - Highly risky trade!
Updated
It's been around 7 months in order to the price to reach 1.87000
First of all, we have to consider that the long term trend (weekly) is strongly going in an upward direction but perhaps this double top may be a perfect situation/opportunity for the price to "take a breathe"/go down a little after this massive rally so we can expect a likely pullback right now.
If u zoom in, will see price decreased it's volume as it reached the top and the last candle looks like a perfect hanging man that might be telling us that the trend could reverse soon (we should expect the last upward impulses before the drop but not to far away from the 1.8700). Also check RSI is looking favorable
Keep in mind that counter trend trades are very risky and pounds have been very strong these days so that's why I suggest going with a small lot size on this one
I hope my analysis is useful for your next trades
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100% Forex Market
First of all, we have to consider that the long term trend (weekly) is strongly going in an upward direction but perhaps this double top may be a perfect situation/opportunity for the price to "take a breathe"/go down a little after this massive rally so we can expect a likely pullback right now.
If u zoom in, will see price decreased it's volume as it reached the top and the last candle looks like a perfect hanging man that might be telling us that the trend could reverse soon (we should expect the last upward impulses before the drop but not to far away from the 1.8700). Also check RSI is looking favorable
Keep in mind that counter trend trades are very risky and pounds have been very strong these days so that's why I suggest going with a small lot size on this one
I hope my analysis is useful for your next trades
Don't forget to hit the like button, I really appreciate it
Follow me for more ideas
100% Forex Market
Note
Price just broke solid support level at 1.85800 and after this solid breakout there should not be point to come back to entry point. Please move SL to Break Even.Trade closed manually
Price reached our break even point. We are out of this trade now.We can not discard the idea of a false break out to go short again
Note
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