Going short GBPAUD

Short

British Pound / Australian Dollar (FX:GBPAUD)

Updated

FX:GBPAUD British Pound / Australian Dollar

trendanalysis chartpattern indicator double top emiliano mesa gbpaud short divergence relativestrengthindex

I spotted a Double Top on GBPAUD with RSI and a resistance level. As we can see RSI is not as strong as it used to be on the same resistance level. Saying so as long as the price docent close above the past high we can make some decent profit. I entered the position early which may allow me to increase my profits but also take higher risk. Furthermore you may want to wait for an extra confirmation. The target was set using volume profile in a range market zone.

Stop Loss: 1.86221
Take Profit: 1.81421
Ratio: 34:1

Comment:

I did forget. Set your stop loss somewhat above mine as its simply on the high. Remember the new high may be above the past high, but it can't close above the past high.

Comment:

Pattern Invalidated. Closed about high in 15 minute timeframe

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