FX:GBPAUD   British Pound / Australian Dollar
339 19 14
GBPAUD             break out of a wedge , however for a valid breakout we need to wait for correction. Possible entry can be found in a smaller timeframe correction

Thank you!
Comment:
snapshot


If it breaks the upper trendline we will have an entry
Comment: Still on this position once we got the breakout, i move SL to breakeven, before tonight we will have high impact news in Asia Session.

If i get out in BE and it goes higher later, it does not matter i will just lose a chance but not money.
Comment: Trade closed in Breakeven Stop Loss.

Maybe i lose a big change maybe not, we will see in 10 minutes.
Comment: Looking for possible long entry again if it breaks the structure to the top

snapshot
Comment: Still waiting for a possible long entry. Details on chart

snapshot
Comment: No longer waiting for a trade on this pair.
great like always
Reply
check this..

snapshot
+1 Reply
NTrading newbie2016
Nice view, thank you
Reply
newbie2016 NTrading
your welcome :)
Reply
It seems like some has capped upside at 1.9085 area :) aud fallen 100 pips but not so much effect as per normal gbpaud movement due to capped area of 1.9085 - 1.91.. This is something fishy.. though gbpaud closed successfully last 2 candles of 4hr above 20 ema.. but still capped below 1.91.. RBA minutes in asian session... lets see what we get!
+1 Reply
NTrading newbie2016
Yes, i expected higher momentum on this up movement and this is the reason i moved my Stop Loss on Breakeven. Momentum higher did not happen and we have JPY bank and AUD bank during the Asia session.

I prefer to loss a chance to make money than losing money.
+1 Reply
newbie2016 NTrading
If we check price action of gbpaud from last 3 sessions then it is making base below 1.90.. it kept nicely lows of thursday and friday and now we have 2 double bottoms.. it created 1 today right at friday low.. so keeping that in mind.. it seems it will rock upside for 1.95 but price action close to 1.9085 is fishy :)
+1 Reply
NTrading newbie2016
I will keep it in mind, thank you for your feedback mate!
+1 Reply
newbie2016 NTrading
:)
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I feel obliged to tell that this is not a valid wedge and that is not a valid break-away. This one will most probably be a loser, depending on your targets. If your targets are tight, you may have a nice scalping profit though.
+1 Reply
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