GBPAUD Inside Day play with short bias
Strategy as described by Kathy Lien in her book "Day Trading and Swing Trading the Currency Markets"
Two Inside days have formed so two orders are placed one to buy and one to sell, 10 pips below the low and high of the nearest inside day. My guess is the sell order will trigger because: Upper BB tag, with Bearish Harami forming near horizontal resistance and Stochastic down with signal cross.
I am not an Elliot Wave techie by any meansso don't beat me up too bad for the wave labeling. I have labeled two separate counts. The blue count suggests a long impulse wave still has to complete with wave 5 just starting. The orange count shows a completed impulse of five waves, with the corrective pattern having just completed wave A. Either count suggests price will move back down again. (Any EW pros that would like to chime in would be much appreciated.)
A similar inside day play has already been triggered on the GBPNZD if you want to give that one a look.
Two Inside days have formed so two orders are placed one to buy and one to sell, 10 pips below the low and high of the nearest inside day. My guess is the sell order will trigger because: Upper BB tag, with Bearish Harami forming near horizontal resistance and Stochastic down with signal cross.
I am not an Elliot Wave techie by any meansso don't beat me up too bad for the wave labeling. I have labeled two separate counts. The blue count suggests a long impulse wave still has to complete with wave 5 just starting. The orange count shows a completed impulse of five waves, with the corrective pattern having just completed wave A. Either count suggests price will move back down again. (Any EW pros that would like to chime in would be much appreciated.)
A similar inside day play has already been triggered on the GBPNZD if you want to give that one a look.
Comment:
Sell stop triggered around 5:20 this morning. Cancelled buy stop
