akyong

GBPAUD: Cypher Completion

FX:GBPAUD   British Pound/Australian Dollar
The pattern has been completed and we have a decent price action rejection at the PRZ.

Will be entering on this trade.

I would love to hear your opinion, feel free to comment, agree or disagree.

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KY
good one, the only thing of concern is that Aussie weakness and that is letting this pair go higher n higher
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Hello, its true the AUD is weak now, but all AUD pairs (AUDUSD, AUDCAD, AUDJPY) are near a strong levels of support. Most probable the AUD will bounce there, so this pair may go down....
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Nice area for a correction, we have also a trendline resistance there
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Just be carefull i think your SL is too tight
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alan.perego FullTimeTrader
what SL would be good?
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FullTimeTrader alan.perego
According to the rules the SL must be 10 pips above the point X (1.9846)
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i would be interested to sell this near the upper trendline rectangle box .It may peak out before the drop
snapshot
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hi akyong,

i really liked your chart, can i ask you how you get your TP targets? cause you hit the first perfectly. this is what i can't figure out when i plan a trade

do you think it will go up now aiming for 2.05 or so?
+1 Reply
akyong danndc
i use the 382 retracement as my first target. as for now, have to wait and see what price does.
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I'm the same..expecting a move to the upside early in the day and then pull back. I'm expecting a pull back to 61.8% retracement if you measure it from the bottom of the larger trend line.
I think (Could be wrong). There is a small double top that has now retraced and reversing back up to the upside. I'm looking to apply a 2618 trade and enter short for a pretty awesome risk to reward. If that is rejected and price keeps rising, then another double top is still at play....Is it just me? Or is this one just text book stuff?
Good thing about this set up is the risk to reward.
+1 Reply
akyong anthony.pham00
Nice one there. let's monitor this pair closely :)
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what do you think about a retracement to 0.618 at 1.9150 as wave II, and aiming for 2.01 (1.618 of wave I forming wave III)?

thanks
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