GBPAUD - Looking at Short at extended price on DAILY.
Strong move so looking to the DAILY for reversal pricing at peak points
618 retrace of September high. Bat forming at FIB confluence 886 Interested to consider short @ 1.703. Monitoring RSI complex structures at shorting levels.
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Price hit, awaiting confirmations of reversal. I never buy in an Overbought state on RSI, look for Divergence as we drop out of this state into normal territory on lower time frames, generally divergence seen on a retest. The only Divergence we care about is from Oversold or Overbought and retest that state again, this is generally a big move or swing on the larger Time frames. Could be more upside but we can catch a nice price drop with patience.
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Not a bad estimate on price reversal, strong moves need higher TF's to determine reversals.
If we break the green line sell on retest If we retest top with Divergence sell the EXT top
If we test the top and no divergence, look for a breakout to the upside.
The 4 HR looks like its flagging for an up move, this could simply be a high retest move.
Money can be made on all these moves, learn what to look for.
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4HR bullish trade RSI 50% support on breakout from bearish TL