FX:GBPAUD   British Pound / Australian Dollar
433 12 5
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
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
Reply
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 :)
Reply
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.
Reply
i would be interested to sell this near the upper trendline rectangle box .It may peak out before the drop
Reply
Just be carefull i think your SL is too tight
Reply
alan.perego FullTimeTrader
what SL would be good?
Reply
FullTimeTrader alan.perego
According to the rules the SL must be 10 pips above the point X (1.9846)
Reply
Nice area for a correction, we have also a trendline resistance there
Reply
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