Daniel.B
Long

Reaching a key area! *S/R* *Fibonacci*

FX:GBPAUD   British Pound/Australian Dollar
462 19 12
Update: No signal for long entry yet. Sitting on the sidelines.

Well price is finally creeping towards the lower bound of the channel price has been travelling within. I'm looking at the .618 Fib Retracement (Also where 100 MA support lies) for any signs of Daily candle signals of a long entry. The area between the 50 / 618 Fib levels has proven key during the past two times that price has tested to the lower bound of the channel.

Targets for the trade if entered will be the following:
1 = The physiological high and round number 2.0000
2 = The -27 Extension at 2.0400 (I prefer to put TP at the round number near the extension.)

Stops if entered will roughly be around the 1.8840 area.

Happy Trading traders! Feel free to put your own input in the comment section. =)
buckleforex
2 years ago
Hey man your chart just popped up on mine.. ha. Cool I think we're getting close. I also noticed the bullish RSI & stochastic on the weekly... check out the uptrend
snapshot
+1 Reply
Daniel.B buckleforex
2 years ago
Nice man! Its getting ready for that entry =) Lets see if it goes in our favor!
Reply
hodoman
2 years ago
Hi guys, whats your planned entry for today? I was thinking 1.9010
Reply
Daniel.B hodoman
2 years ago
Hi, I'm waiting for a Daily candle to close and signal a buy entry. Until then I'm not personally touching G/A. But overall my entry will be between the 50 / 618 Fib ratios. =D
Reply
hodoman
2 years ago
Do you think a retracement even below the channel, down to .786 level would be possible?
It sounds as a reasonable support if we consider this the first corrective wave after the 5 impulse waves, according to Elliott Waves theory
+1 Reply
Daniel.B hodoman
2 years ago
It would definitely be possible, but in that case I would be a lot more cautious and watchful over any long entries I would take on it. (I wouldn't be able to comment on EW as I don't use it in my trading lol)
Reply
hodoman
2 years ago
I guess the .618 level has been breached with no real sign of support
+1 Reply
Daniel.B hodoman
2 years ago
Yea no signal to enter long yet
Reply
Yep very similar to GBPCAD structure.. Would love to see a hammer here
+1 Reply
Daniel.B Technician
2 years ago
Yea same here Tech, would love to see a doji or two, or a hammer. None yet seems as if it wants to breach the levels
Reply
jangseohee
2 years ago
Hi Daniel, good eye on the daily trend channel
but i have another weekly channel support waiting at the green, if the daily channel breaks down.
until then i could be totally wrong :-)
snapshot
+1 Reply
Daniel.B jangseohee
2 years ago
High thanks for the kind comment! =D
And thanks for posting the Weekly Channel on here, as I hadn't noticed it! =D Lets see how it pans out
+1 Reply
Now we're at support it seems.
+1 Reply
Daniel.B IvanLabrie
2 years ago
Yea its definitely testing support, but still no long signals for me. The same as Technician I'm waiting for a Daily candle hammer, doji, engulfing to signal an entry long. Preferably a hammer or doji though.
Reply
IvanLabrie TOP Daniel.B
2 years ago
GBPAUD: Doves vs Hawks pt.2


Different strokes for different folks...there's very limited downside here.
+1 Reply
buckleforex IvanLabrie
2 years ago
Daniel FWIW, we're back above the 100 Day MA. A good sign.
Reply
Daniel.B buckleforex
2 years ago
Yea monitoring it! We might get our signal to enter long by the end of tomorrows US Session! =)
Reply
Daniel.B IvanLabrie
2 years ago
Thanks for posting the chart on here! =)
+1 Reply
Daniel.B
2 years ago
Update: Still sitting aside waiting for the daily candle to close and show us its hand! =)
Reply
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