Well, it seems like GBPAUD decided to stop everyone and their mother out. In the chart I plotted a big monthly wedge/triangle every technical trader out there sees, which shows a clear fake breakout above, just an interesting thing to keep in mind, while the latest daily uptrend signal target got reached on the second day, way ahead of time. This fact makes me consider fading the advance, but after taking a hit I'm seriously doubting it. Are these feelings important? I think so, it's possible it will work now, after stopping everybody out, me included.
As for the technical chart, the monthly target isn't far off, and we have a few days left in June, but I think it will turn into a failure and that GBPAUD will take a nose dive from here. I'm willing to take a new short this time with a stop above the monthly target and a monthly highest low level. If gold does turn up, and AUDUSD too, which I think will happen soon, possibly even today, then this pair will probably start to fall at last.
I moved my stop to break even for now.
Waiting for scale ins or for a new short entry in case this one fails.
Not sure about the wave count from the top, might be a flat C down instead of a small wave 3.
Time left, target not far off.
TomProTrader
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I like this.
Tom
IvanLabrie
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A significant area of support in this juncture.
Definitely an interesting chart for technical analysts.
I'm long gold and eurusd as well, but missed your eurjpy entry.
TomProTrader
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Really liking how you're judging the scenario, nice longs to jump into for the time being.
regards
Tom
IvanLabrie
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FOMC boosted gold nicely. I'm about to publish an NZDUSD longer term long (if it works, that is).
I think the bottom could be in for quite some time.
Mikoxl.
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Hey Tom, for the time being I think the GBPAUD will thrust even further up. Several channel breakouts has got me thinking..
See:
I think there is a good chance this pair will even go to 2.0700-2.1000 before we see a some real retreat.
TomProTrader
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Yes Mikoxel. Agreed. I'm still long in this pair, disregarding the popular opinion of a short at this level.
Tom
TomProTrader
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A short will be to come unfortunately, let me add. But im talkiong about the right here and now. I've been long since 8th may 2015 and am holding, until i see real evidence of a short. Ivan is correct though, in terms of a short is in the horizon.
regards
Tom
Mikoxl.
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I too agree with Ivan's thoughts. And are you kidding me? I should have hold my longs from May! But I had to switch brokers unfortunately.
TomProTrader
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:-( that's unlucky. The pullback at
may gave us a risk free trade. :-(
Waiting for scale ins or for a new short entry in case this one fails.
Not sure about the wave count from the top, might be a flat C down instead of a small wave 3.
Time left, target not far off.