GBPAUD - SHORT IDEA
Here is a potential SHORT idea on GBPAUD.
GBPAUD have been in an uptrend for almost 29 days, but I believe that this uptrend was only a 5 wave corrections of a bigger FLAT pattern. Overall I believe that GBPAUD is still bearrish and I believe that we did reach a key level and I will be looking for short opportunity instead of long from this level.
So that being said, here is a short term 30 min timeframe idea of GBPAUD.
It seems that Wave 1 been completed on FEB 9 2021.
From that point a FLAT PATTERN began forming and the C wave is coming to an end.
Wave 4 of that C wave have been a complex correction of a ZIGZAG as Wave W, ZIGZAG as wave X and a FLAT as wave Y.
From that point, the market rallied to the top of the channel completing the Wave 5 and also reaching the 61,8% of the Wave 1 and making an higher high from Wave A.
I believe that we are entering the beginning of a Wave 3 which could be very huge, but let's be conservative and assume that Wave 3 (or C) will be as long as Wave 1 (or A).
The risk/reward on this setup is incredible, but again, this is pure speculation so risk management should always be on point.
Trade carefully and I will update this idea when the market will move in our favor.
GBPAUD have been in an uptrend for almost 29 days, but I believe that this uptrend was only a 5 wave corrections of a bigger FLAT pattern. Overall I believe that GBPAUD is still bearrish and I believe that we did reach a key level and I will be looking for short opportunity instead of long from this level.
So that being said, here is a short term 30 min timeframe idea of GBPAUD.
It seems that Wave 1 been completed on FEB 9 2021.
From that point a FLAT PATTERN began forming and the C wave is coming to an end.
Wave 4 of that C wave have been a complex correction of a ZIGZAG as Wave W, ZIGZAG as wave X and a FLAT as wave Y.
From that point, the market rallied to the top of the channel completing the Wave 5 and also reaching the 61,8% of the Wave 1 and making an higher high from Wave A.
I believe that we are entering the beginning of a Wave 3 which could be very huge, but let's be conservative and assume that Wave 3 (or C) will be as long as Wave 1 (or A).
The risk/reward on this setup is incredible, but again, this is pure speculation so risk management should always be on point.
Trade carefully and I will update this idea when the market will move in our favor.
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