I think that this may be a great setup on GBPAUD for next week. I noticed that the Elliott Wave has ended and I think that a head and shoulders pattern will lead it into a corrective wave.
The point of the head of the head and shoulders should be a good entry point for a long position. I would most likely take out a small lot size at the top of the head and then a bigger one at either the neck (draw a line from shoulder tip to shoulder and the neck is where the line hits the head) or the tip of the right shoulder (where it hits daily support).
The daily resistance zone is about 280 pips from the tip of the head on the head and shoulders but price could very well smash through and go up about 600 pips. There will also be some good scalping opportunities within this uptrend which I plan on taking full advantage of.
These are all just my thoughts on what will happen with GBPAUD in the upcoming trade week. I have only been trading since March and I'm no guru at this moment. I know that God bless me with that distinction one day but for now, I'm still in the newborn phase. I am learning quite a bit though.
Before you get in a trade, make sure that your confirmations are hit with whatever trade strategy you are using.
Please remember to always practice proper risk management!!
The point of the head of the head and shoulders should be a good entry point for a long position. I would most likely take out a small lot size at the top of the head and then a bigger one at either the neck (draw a line from shoulder tip to shoulder and the neck is where the line hits the head) or the tip of the right shoulder (where it hits daily support).
The daily resistance zone is about 280 pips from the tip of the head on the head and shoulders but price could very well smash through and go up about 600 pips. There will also be some good scalping opportunities within this uptrend which I plan on taking full advantage of.
These are all just my thoughts on what will happen with GBPAUD in the upcoming trade week. I have only been trading since March and I'm no guru at this moment. I know that God bless me with that distinction one day but for now, I'm still in the newborn phase. I am learning quite a bit though.
Before you get in a trade, make sure that your confirmations are hit with whatever trade strategy you are using.
Please remember to always practice proper risk management!!