GBPAUD: Potential TCT with Hidden Divergence

FX:GBPAUD   British Pound/Australian Dollar
Not too much on the radar this morning, but there are a few Trend Continuation Opportunities that interest me, one being here on the GBPAUD             .

This opportunity not only features a pullback into our previous outside return, but Hidden Divergence on the RSI which is a positive sign when looking for a continuation.
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Daily chart say's the opposite, i lost 42 pips before noticing the huge support. i believe the price will not resume the bearish move any further than 1.59 area.
+1 Reply
Akil_Stokes PRO AbdullahAljohani
Sorry to hear that Abdullah
Hi! is this a valid cypher in 30 minutes GBPAUD? That supports your view as bearish.
+2 Reply
leeward31 rangika.ailapperuma1
This is correct thank you
+2 Reply
That is not a valid cypher. Please see my other comment for why\
leeward31 Akil_Stokes
thank for the comment .....where does one get a cypher pattern tool?
+1 Reply
It's under the same toolkit as the "pattern tool"
Akil_Stokes PRO rangika.ailapperuma1
No that is not a valid cypher. The "C" leg is too shallow. When measuring them out I recommend using the fibonacci extension tool instead of the pattern trading tool. Or if you want to use it, use the "cypher pattern" tool
+1 Reply
Thank you very much,
+1 Reply
Akil_Stokes PRO rangika.ailapperuma1
No problem
Cant win them all buddy :/
Hi Akil,
I was hoping that you could help me with a question that I have. How can you determine from the chart whether a bearish candlestick is formed primarily due to short-selling or from closing out long positions? For example, the red candlestick in the above chart on October 19, 2016 at 11:00:00 (or any red candlestick for that matter), is there a way to tell if this price drop was caused by short sellers rather than people closing long positions. Thank you so much!
+1 Reply
Not that I'm aware of. The candelsticks will show us buying and selling pressure, but "what type of orders" is something that we just have to guess at in the forex market. Again, that's my thoughts, there may be someone else that can provide you with a better answer
crichar1 Akil_Stokes
Thanks for your reply! I have been researching it quite a bit, but haven't found anything substantial; so you are probably right.
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