nahidik

GBPAUD pound closing open window?

FX:GBPAUD   British Pound / Australian Dollar
119 4 5
Most consensus was for this pair to break down out of the structure. I was thinking that way until I noticed an open window. We don't see too many of these on 4x. I predicted price will want to close this and it almost has. Once closed I will reassess the pattern and look for a trade.
Comment: I am looking for signs of one more push up before a HTF correction. That being said price hit a yearly pivot point which my be all we get.

what is the concept of open windows ?
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Blue 43. That is a good question and depending on who you ask you can get many different answers. Essentially my idea of a window is a gap up or down where the wicks do not overlap. With the attitude all gaps must be filled I look for price to be drawn to them. What is interesting is what happens at the window. It is a strong area of support or resistance. Watch for price to partially close the window and reverse for a new move in the opposite direction. On the other hand if the window is slammed shut as is the case here. look for resistance turn support.
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nahidik nahidik
Sorry wrong chart
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