gbpaud has shown no respect for the PRZ. I am abandoning this trade. Looking to get out at my entry point.
GBP has been on a tear vs the AUD. This is the first BAMM set up we have had on the weekly chart in years. First there is a complex formation back in January 2014, 50 was breached, and now we are back above 70. There is also a beautiful 1.618 . I drew the D point at the top of the PRZ; That is where became overbought. I always set my stop loss at the 1.27 extension of A and the top of the PRZ. Feel free to enter this anytime price is above 2.051. I expect this trade to make a 80% of the time.
What I don't understand is that price at present is already above the 1.27 X-A extension so if you're in the trade you're already above it. Unless of course you've placees a sell stop oredr in which case you're trade isn't filled yet. Is that the case?