NickCoulby
Long

GBPAUD-- Downtrend failure now presenting a daily 2R long!

FX_IDC:GBPAUD   British Pound / Australian Dollar
65 1 3
Tomorrow the downtrend from the detach of the 20 bar daily mode that began developing after the August 24th high will expire without without reaching the price projection. While just a few days ago this looked like a probable short to reach the 20 day mode price projection, bad Australia data has revised that thesis. Yesterday's trading day resulted in a huge range expansion bar from a 9 bar mode that was developing since the October 12th low was put in. The trade setup is currently a long of the 50% range expansion bar retrace, with a stop under it's open. The price target for the 9 bar mode detach corresponds to the the prior 20 bar mode resistance level , and may also provide a shorting opportunity after this long is carried out. Leaving a buy limit at that 50% RE retrace level with stop/target level in the aforementioned location offers a 2R long trade. GL!
Try to draw a trendline for this. And re-consider long, I would.
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