FX:GBPAUD   British Pound/Australian Dollar
1797 16 32
See the related ideas for my analysis of this pair, which demonstrate the power and surgical precision of the Time at Mode methodology I learned from Tim West here.
In this juncture, the weekly chart is offering a potential retracement entry, in case we were to see such an event, which would guarantee a 9.54:1 trade op.

In case price were to continue straight down, I'd be looking for alternative ways of joining the decline, perhaps having to resort to lower timeframe entries for instance.
For information on managing positions, and getting trade signals and coaching, contact me or Nicholas Coulby (ncoulb1) here. We're running a trading room Skype group for Forex, CFD             , Metals, Energy or Stock traders.

Cheers,

Ivan Labrie
Time at Mode FX
Comment: Forecast working great.
Comment: Still, on track.
Trade closed manually: Might be time to bail.
Trade active: We might be able to reshort here.
Comment:
snapshot
Comment:
snapshot


Trucking nicely.
Comment: Nice short for now but be careful, trail stops down to protect profits.
Comment: It's a good time to book profits, but keep trailing the stop loss.
Trail stop to: 2.1319
Comment: Trail stop to 2.0888
Trade closed: stop reached: Trailed in profit at 2.0888.
Comment: 1.43R trade...for that last bit.
Ivan how far do you think it can head down?
Reply
Potential target is on chart, but it's a long shot.
We could at least aim to retest 2.09689 first.
Reply
Wasn't it better to reduce exposure by lowering your position size rather than closing out your whole position?
+1 Reply
IvanLabrie PRO moneymaking
You can also hedge with long.
In this case, I have a very bullish rgmov reading in the daily, so I think it's dangerous to expect lower.
+1 Reply
moneymaking IvanLabrie
Ohh ok, right the Tim's method. Always follow the plan. Thanks mate :)
+1 Reply
and gbpnzd
GBPNZD continues to fall
Reply
Great, same view.
Reply
got similar picture Ivan, nice
GBPAUD DOWNTREND
Reply
Oh, I missed the entry... i am expecting it to retrace to 2.09 and short from there.. whats your opinion?
Reply
IvanLabrie PRO LearningForex
We can monitor the daily or 4h for a retracement entry, the trend is established and the target is very large, plenty of chances to rejoin it.
+1 Reply
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