benjamintrades

GBPAUD Short - H&S / 0.382 Fib / Elliot Wave 5

Short
OANDA:GBPAUD   British Pound / Australian Dollar
I am short GBPAUD on the pullback. I believe this is the start to wave 5. As well as this we've printed a nice H&S pattern that I'll be entering on the slightly riskier entry at the top of the right shoulder. However this falls in place with the retracement touching the 0.382 fib and then closing the 4HR with a bearish candle. Hopefully we can grab some decent pips from this trade.

Target 1 - 1.9560
Target 2 - 1.9400

Stop - 1.9600