GBPAUD - Daytrade by Keltner - ADX - Stochastic 1 Mar 2021ax risk: 2%
1. Trend identification:
... Keltner channels: Price Through Upper / Lower 1 gives 1 point. 2 points are eligible for entry.
... Stochastic indicator:
...... k> 80: Uptrend. k< 20: Downtrend.
... ADX indicator: 31 provides a strong trend following signal.
2. Entry point:
... Price corrects to Upper / Lower when 3 conditions Keltner, Stochastic & ADX indicator meet.
3. Not trade Friday.
Gbpaudlong
GBPAUD - Possible move, short to 1.77020 or long to 1.80000As seen on the chart, price can breakout of the demand zone at 1.77863 downward and continue to short. Or the demand Zone can push the price upward back to the supply zone at 1.80000.
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GBPAUD DThe price was able to breach the important resistance at 1.79867, with the breach of a downtrend as well
We also see a strong rebound of the candlestick of the day from the SMA 50
If we go back to the one-week timeframe, we will see this week's closing above the aforementioned resistance with the breach of the downtrend
We also have two harmonic models (Butterfly + Shark or what is called XABC or XABCD)
I previously proposed a previous analysis (the butterfly model), which achieved two goals and was very close to the third goal
Currently at the level of 1.79867, we will see the rest of the levels, God willing
Exit from the position in the event of closing below the level of 1.77189
GBP/AUD Approaching SupportLooking for this to turn higher at the current support level. Keep an eye on MACD and EMA's and possibly 1HR timeframe as well for the point that this holds up before turning higher. Its possible to slightly overshoot the blue line I have drawn in around 0.382 Fibonacci before turning.
Setting target at the previous high of 1.80100 for now. Need to see that resistance break before aiming higher.
GBPAUD - BULLISH BIASGBP - BULLISH
1️⃣ Hopes that the UK could ease lockdowns sooner than expected due to the country's fast deployment of Covid-19 vaccines.
2️⃣ British inflation rose a little more than expected in January.
3️⃣ The pound has also been supported this year by lessening expectations of negative interest rates and a post-Brexit trade deal with the EU.
AUD - BEARISH
1️⃣ Negative in risk sentiment undermined the antipodeans.
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Technical
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We are looking to buy the GBPAUD on support + above SMA 50 on the H1 chart.
GBPAUD long SWING TRADEConfluences:
-W pattern
-Price respecting fib levels
-Price re-entered previous daily trendline
-Enter on continuation with a buy stop
-Good Risk-Reward
-AUDUSD hasn't retraced in a while so weak AUD should correlate with GBPAUD going higher, also the pound has been really strong lately
-Take profit will be in the second zone, I'll take partials at the first zone