GBPAUD 240 short – probable HH, Fib 61.8 on SR
Several interesting things about this opportunity.
* Looking back just a bit from 7 Nov 2019 up to the current probable HH, we can see the completion (about 90%) of the ABCD pattern in green.
* The RSI just broke its trendline in support of this being the correct HH.
* The Fib retracement is showing good agreement between the SR line and the 61.8 Fib level for a TP.
* Except for the upcoming Brit election marked in red, there are no major economic events showing up.
If the RSI continues to stay down below the trendline, I’ll be looking for a short entry when the PA crosses the 23.6% Fib level. The RtR as marked is about 1.33.
* Looking back just a bit from 7 Nov 2019 up to the current probable HH, we can see the completion (about 90%) of the ABCD pattern in green.
* The RSI just broke its trendline in support of this being the correct HH.
* The Fib retracement is showing good agreement between the SR line and the 61.8 Fib level for a TP.
* Except for the upcoming Brit election marked in red, there are no major economic events showing up.
If the RSI continues to stay down below the trendline, I’ll be looking for a short entry when the PA crosses the 23.6% Fib level. The RtR as marked is about 1.33.
Trade closed: stop reached:
....shoulda waited for the PA to hit the Fib 23.6....got in a hurry so I could go to bed....
Trade closed manually:
...But I did get it on the flip-flop when I finally had the correct HH marked...winning 101 pips...