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British Pound / Australian Dollar
Long
Updated

GBP/AUD - Makings of a 5-0

127
After the Cup & Handle, i decided to scale back the chart so I can see the bigger picture and I've noticed a potential bullish 5-0 pattern.
Note
Price could retrace to the down trendline (1.64398) area and bounce back up. It's currently found some resistance at 1.67209 (previous resistance in January and early February)
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Price did end up falling like I predicted but I'm still long on this pair, I'll update you as we go on.
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snapshot Watch how the price moves during today, there's a lot of resistance at 1.65759 breaking past this point will mean another retest at 1.67209. If price breaks this point we're safe to go long alternatively if price breaks the upwards trendline we could see a bounce back up from the pitchforks middle line (downwards trend line) or a dive to 1.59024.
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snapshot Let's see if price can breach resistance :), if it closes above it may act as support for the rest of the pattern.
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snapshot One of my strongest trades to date running with 500+ Pips at the moment
Trade closed manually
Price is due a retracement and I'm running with 700+ Pips, I'm banking them and wrapping this trade up. Well done to anyone who stuck it out!
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It's not everyday you do a 1000+ pip move, the trade is almost finished. This is one for the books :)
Trade closed: target reached
ashddylan

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ashddylan

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.