FX:GBPAUD   British Pound / Australian Dollar
182 2 4
Price has broken the . 618 retracement stop is the . 786 retracement and completion of this bullish cypher pattern...

I will BUY AT 1.69553...should form the right shoulder of inverted head and shoulder pattern..... right shoulder lower than left...still bearish long term...

TP 1.1713
TP 2 1.726
Trade active: I just bought GBPAUD on double bottom formation...TP 1.78

If this fails then the Cypher should work

I will add to my long position if price makes it to the arrow 0.618 retracement 171.070

Ive just added at this level
Comment: Its known as a 2618 trade

Price retraced to a level which is much lower than ideal, we wanted the 0.618 to hold and it went to .8

I will now watch very closely, if this support trendline gets broken I will exit the trade with minimum loss, as it will confirm to me this is a bear flag not a price reeversal..if we can break above the previous high its a reversal....

I have closed one of my long positions at small profit to reduce my risk.

If price breaks support...I will buy at point D of the bullish butterfly...
Trade closed manually: made a small loss..closed trade on break of support trendilne...this is to much work for a reversal...I will monitor and buy again at cypher completion...
Comment: opened another on 5 min chart...trendline in tact.......small monetary risk on this as its a high risk trade
Trade closed manually: I can't see a reversal today...small big

Analysis of why this bat pattern failed to reverse price.......its all in the structure ...all the down move of the pattern was near the bottom..potential reversal point,....trendline and channel then crushed the attempted bounce...
Comment: Analysis of one that worked


Coming into land on the Cypher at 1.69550.....this is where I will buy...high probabiliy of a good bounce

TP 172.643.....this could be point B on a potential butterfly....which doesnt look good for GBP long term....
Trade active: I was travelling yesterday but luckily caught the entry at 1.69500 as I was good profit...Im watching GBPJPY as its running in sync with this and has a more obvious TP as its in a descending triangle will likely short GBPJPY when its tests the top of the the same time GBPAUD should be at TP of 1.726....resistance and Iwill close this long and go short...overall GBP still bearish medium term..
Trade closed manually: Taken profit...

Reasons for closing trade.

.618 retracement failed...

although a bounce at .786 ,no guarantee price will bottom @ 786....if it does bottom here , likely to be rejected at trendline....

future trades...

Sell on break of 1.695....sell at trendline at breakout of trendline

Comment: Its broken up and I see a bat pattern completed on I may just buy at support , point C as we have a support trendline


Price is stuck in channel...unless it closes the day above 1.695...the .786 fib has failed and next buy point is the 100% tetracement at 1.67180....of course I will try and get in on a short if the opportunity arises with a pullback to top of the channel...
Comment: both recent short opportunities have come in the middle of the night !!!

Im long from 169.500 on a pullback....

looks like a head and we will finally break the on retest of TP 1.72600

Im seeing an ABCD impulse upto 170600 resistance and completion of a bearish butterfly..then price should test support trendline...(previously resistance)
Why are trading during news? Market fluctuates crazy, there is no clear direction.
GBPAU\D is less affected by FOMC.....
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out