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Gbpaudpattern

GBPAUD - Wedgie Hi guys, most of the GBP pairs are forming sideways wedges. Sideways wedges are harder to predict vs descending/ascending wedges. However, we can still use the outside of the wedge as a signal to buy or sell. I wait for a confirmation candle formation to occur before I enter (i.e a pullback with an engulfing supporting candle or a supporting flag). In addition, I am always ready to reverse my position if it looks like I got sucked into a head fake. Gotta love the head fakes... This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.
by riffster21
GBPAUDGBP is not doing good these days. That's why I think there is room for a minor position in this >late< buy point. Because of the overall down trend on this chart and trading below all the EMA and MA's, it is save to say it might go a bit lower. I think it is fine to have a 160 stop-loss because it had 7 days straight with loses. So it might kick a bit soon. Trade this carefully with a lot of attention. See also below a link to my GBPCAD position I did some days ago, it's still going strong short and it's about to form a nice add-point for people already in.
Short
by chastic