GBPAUD has started to show a slightly bullish price action on the bottom of the range.
Those criteria are a bit sloppy but if we put those together we may get a pretty good short-term trading opportunity:
1. The black historical trendline since 2017 September, second touch 2018 December.
The third touch has been very sloppy, the price has been below of it and it has been above of it but the major reason is how it has made those breaks - always with strong and powerful candles. This means that we can rely on it and it can still work perfectly as a current support level.
2. The round number 1.80000 should act as a support level
3. 8th August short-term support level
4. Fibonacci retracement 62% from the last wave.
5. We have a horizontal strong area as well, the area which stays between orange lines.
On the 4H chart, this level has worked as a support and as resistance and only strong candles have managed to crack this level. At the moment, it should act as a support level.
6. We have a bit sloppy bullish candlestick pattern on the Daily, a bullish Engulfing, which can drive the price into another wave upwards.
7. Definitely too early to say it but this possible blue bounce area can be a right shoulder from the reversal pattern Inverted Head and Shoulders. To be said, chart patterns are only then valid when the breakout has occurred, currently, it is just a slight indication!!
As said, it is not the best opportunity because some criteria are a bit subjective but still pretty decent opportunity and in the long run we should have an edge. Definitely, do your own research and if this matching with mine then you are ready to go!
"-Anything can happen.
-You don’t need to know what is going to happen next in order to make money.
-There is a random distribution between wins and losses for any given set of variables that define an edge.
- An edge is nothing more than an indication of a higher probability of one thing happening over another.
-Every moment in the market is unique."
Mark Douglas
Please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido
Those criteria are a bit sloppy but if we put those together we may get a pretty good short-term trading opportunity:
1. The black historical trendline since 2017 September, second touch 2018 December.
2. The round number 1.80000 should act as a support level
3. 8th August short-term support level
4. Fibonacci retracement 62% from the last wave.
5. We have a horizontal strong area as well, the area which stays between orange lines.
6. We have a bit sloppy bullish candlestick pattern on the Daily, a bullish Engulfing, which can drive the price into another wave upwards.
7. Definitely too early to say it but this possible blue bounce area can be a right shoulder from the reversal pattern Inverted Head and Shoulders. To be said, chart patterns are only then valid when the breakout has occurred, currently, it is just a slight indication!!
As said, it is not the best opportunity because some criteria are a bit subjective but still pretty decent opportunity and in the long run we should have an edge. Definitely, do your own research and if this matching with mine then you are ready to go!
"-Anything can happen.
-You don’t need to know what is going to happen next in order to make money.
-There is a random distribution between wins and losses for any given set of variables that define an edge.
- An edge is nothing more than an indication of a higher probability of one thing happening over another.
-Every moment in the market is unique."
Mark Douglas
Please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido