JWagnerFXTrader
Short

Meaningful High and 4 Month Support Line Tested

FX:GBPAUD   British Pound / Australian Dollar
862 3 8
The GBP/AUD             has caught my eye. Prices have been contained inside a nice rising support channel. Yesterday, that channel was tested which establishes a low point for us to consider breakout trades to sell.

Zooming out, there is a confluence of wave relationships in 2.20-2.22 from 2 different sources.

1) 61.8% retacement from the 2008 high to the 2013 low
2) Equal wave measurement from the 2013 low

I'm interested in short breakout trades in a multi-lot fashion. That way, we can peel off some exposure if the sell off deepens to maintain risk in the market.

Short near 2.1517
Stop loss near today's high
First target 2.11
My stop loss on this one was too tight. Those with a wider stop may have continued with this trade.

Good luck!
Reply
sir it going up now so where v can sell again
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second 1.99
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