HayatoDragonFX

GBPAUD, 4hr tf, sell on trend line retest

Short
FX:GBPAUD   British Pound / Australian Dollar
Hello my friends,

We are very close to the result of US election.
The market volatility was very high and we could see price swinging wildly during that vote count.

I am not trading with USD pairs for now as it is still dangerous in this crucial moment.
For today i got a nice setup on GBP pairs.

First setup for today is GBPAUD pairs.
As your can see price has been moving up this past 3 weeks. It was respecting the ascending trend line during it upwards movement.
And finally, price closed below the trend line on daily and 4hr timeframe, indicating sellers winning over buyers.

We could see price rotate lower from this point as the trend line will now become resistance.

Sell GBPAUD 1.8300
Stop loss 1.8380
Take profit 1 at 1.8140 (2R)
Take profit 2 at 1.8000 (3.75R)

Use only 1-2% risk
Good luck

Comments

Very good! Here is what price action shows:
Reply
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