Forex_Trader_
Short

GBPAUD Sell Opportunity

FX:GBPAUD   British Pound / Australian Dollar
Price has broken the trend-line. Price has now come back up to re-test the trend line and re-test previous support, which is now resistance. Price is discretely placing lower high and lower lows on daily time frame. Excellent ratio of 6:1.
In order to improve future trades, perhaps we should wait for a full pull-back to our 61.8-71 (golden pocket) fib. However, after a very steep drop as we saw in this case, sometimes price only has a minor pullback to the 31.8 fib. I also see that price was actually pulled back to the 1.86 psychological price and previous support, which then became resistance. Perhaps my stop loss should have been placed above this psychological price of 1.86 and above the resistance of 1.86. Overall, still a nice piece of analysis!
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