GBPAUD: More shorts for continuation

FX:GBPAUD   British Pound / Australian Dollar
GBPAUD             is tracing a nice steady downtrend, and recently has formed a nice consolidation, which has given way to a time at mode downtrend setup.
We can go short here, odds are very nice and we have a lofty target to benefit from if the trade works.
Entry is at market and stop losses should be 1-3 ATR, or placed above 1.85541.

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Ivan Labrie.
Trade closed manually: Potentially still valid but better stand aside for now.
Trade active: I'm long GBPAUD from 1.85243. I think it's reversing.
Hi Ivan, very nice! I have a question concerning about the stop loss which you mentioned 1-3 ATR. Do you mean the current price plus 1-3 ATR?
IvanLabrie zhipengcfel
yes, the price at entry plus that value, or anything above the threshold I mentioned. Ideally, you'd want to be as far as possible from the market, based on volatility, in general. But, these type of breakouts also allow a tighter stop loss, so you can do both with varied risk/position sizing.
+1 Reply
Good one Ivan!
Thanks, we have to wait, inside bar today, next week it'll accelerate down, after the Doha meeting news is out I think. (If the Pound slides down with crude - if not we'll get stopped)
AUD remains rather strong with commercial hedgers net long copper, and China devaluating the Yuan against other currencies, to maintain the USD stable.
Have a nice weekend!
+2 Reply
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