GBPAUD Short term Forecast: Bearish Three Drives| #forex

FX:GBPAUD   British Pound/Australian Dollar
1978 10 33
**Update: Trade is active, closed my first half at first target, i moved stop loss to break even on the second half.
**Update: Second half was stopped out at break-even
-Three drives pattern completes at the top of the main rising channel .
-The price failed to sustain the breakout above the channel last week to move back within the channel
- Pin bar was formed yesterday confirming my bearish bias
-Price was overbought and currently losing momentum on RSI
-Good trade in terms of risk-reward..
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Good luck, keep your stops tight..
My best regards
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Hi technician hope you are fine thanks for analysis
+1 Reply
Technician TOP manijeh.kazemi.33
2 years ago
Thanks my friend
+1 Reply
Timing is key
2 years ago
Hello Technician,

Great call, the backside retest against the upper channel ( or first lower top ) confirmed this one, well done!
Technician TOP Timing is key
2 years ago
Thank you fellow trader, lets see if we reach full target!
2 years ago
great job. thank you for you're work
+1 Reply
Technician TOP anvari
2 years ago
Thanks Anvari :)
munish Technician
2 years ago
Hey! U have a gr8 eye. Simply amazing........
closed my first half at first target, i moved stop loss to break even on the second half..
Stopped out at break-even for the second half mates....
shenkw85 Technician
2 years ago

Key support level breaking.. Should see 1.933 level if the daily close below the key support which will serve as resistance for the pair.
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