FX_IDC:GBPAUD POUND STERLING / AUSTRALIAN DOLLAR
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!