scottfraancis

GBP/AUD Descending channel & break of trendline

FX:GBPAUD   British Pound / Australian Dollar
(4hr) (1hr) (15m)

- On the higher time frames (4hr & 2hr) we see a clear descending channel with 2 touches to the upside and 3 to the downside
- The 3rd touch of the upper trend line lines up nicely with our 61.8% Fibonacci level giving us our entry for a short position (if price breaks higher the trade is invalid).
- On our lower time frame (1hr) we see the break and retest of the descending trend line , therefore being 1 confirmation to go long along with more confirmations like the descending channel and the ammount of touches to it
-On our 15 minute chart we can see the break and retest much clearer also with the retest lining nicely with our 61.8% Fibonacci level again
(I have highlighted both the BUY & SELL zones with green boxes and set a buy limit and sell limit at these areas.)
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