Hello traders, and sorry it's been so long since my last publish, I've been on vacation.
I have taken many pips from the GBPAUD recently, time to ride the pair to the downside again.
GBPAUD looks as though it is bound to reverse.
There is a long term hidden resistance line which has now been touched, when this happened the stochastic RSI is readying to put in a sell signal for traders. So far, every single stochastic RSI sell signal that HAS touched the hidden support line HAS been reliable.
The hidden resistance line has now been touched 4 times now and is reliable in my humble opinion.
Since the hidden resistance level has been touched, GBPAUD has put in 2 bullish weakening candles, followed by the current candle 4 hour session, the 2 candles implying that bullish buying pressure is thinning. I'd probably like to see it retest the resistance line once more before making a position. Alternatively I would like to see a bearish candle very soon, even if support is not hit, or at least a lower high close.
Finally, the current position of the candle is actually 1.414 extension on the fibonacci extension, which if you look back on my graph you'll see the 1.414 extension has been the measurement that once before did result in a reversal once before. Coincidence? We'll soon find out.
Good luck traders.
I have taken many pips from the GBPAUD recently, time to ride the pair to the downside again.
GBPAUD looks as though it is bound to reverse.
There is a long term hidden resistance line which has now been touched, when this happened the stochastic RSI is readying to put in a sell signal for traders. So far, every single stochastic RSI sell signal that HAS touched the hidden support line HAS been reliable.
The hidden resistance line has now been touched 4 times now and is reliable in my humble opinion.
Since the hidden resistance level has been touched, GBPAUD has put in 2 bullish weakening candles, followed by the current candle 4 hour session, the 2 candles implying that bullish buying pressure is thinning. I'd probably like to see it retest the resistance line once more before making a position. Alternatively I would like to see a bearish candle very soon, even if support is not hit, or at least a lower high close.
Finally, the current position of the candle is actually 1.414 extension on the fibonacci extension, which if you look back on my graph you'll see the 1.414 extension has been the measurement that once before did result in a reversal once before. Coincidence? We'll soon find out.
Good luck traders.