GBPAUD - Daily Bearish Shark completed Short

British Pound/Australian DollarFXCM

Description

⋅ Apr 30, 2017 3:02 AM

This is a setup shared with me by naiveme, one of my trading buddies in tradingview.

Check out GBPAUD guys.

Pattern Identification

Daily bearish shark completed at 1.7340.

Trade Execution

The H1 chart has nice explosive volume at the PRZ level.

As this setup is on the daily chart, I want this level to be tested at least one more time.

It could flow over a little higher than 1.7340, it is totally fine.

However, if a big green candle closes after the retest, this setup will be invalidated.

Any above average selling(RED candle close on H4) after the secondary retest, I will go short.

Somewhere around EP: 1.7340
SL: 1.7440 (100)
TP: 1.6630 (710)

Comments

Swerver

⋅ May 8, 2017 7:01 AM

Nice setup and thanks for sharing, just lacking Divergence and Volume for me to seal the deal.
as you stated though "However if a big green candle closes after the retest, this setup will be invalidated.", a seasoned trader knows how important that is, well done.
I will be looking for reversal at EXT price targets and RSI move under and retest OB

antoni

⋅ Apr 30, 2017 12:25 PM

nice but there is no candlestick setup on daily chart also I'll be waiting (FBO is coming?)
On H4 I see bearish divergence on macd(9,26,6), maybe it will be only short term correction to 1.7100.