200PipsClub

Decision time for a long term trade set up.

FX:GBPAUD   British Pound / Australian Dollar
50 1 2
Bullish bias-Candle stick is one of the best indicators in technical analysis .I tells mostly tells traders who are in control(buyers or sellers).The last five candles have consolidated between 61.8% 38.2% fib indicating none of buyers or sellers have been able to gain control.But as long as the price remains above 38.2% fib, bullish bias remains in play.For the price to reach above 2.0816,it'll have to break above the 200 period SMA ,long term trendline and 61.8% fib which will be a very strong bullish signal.

Bearish bias-keeping the recent fall of 2000 pips in mind,it will be safe to assume that the fall is rather a reversal than correction if price falls below 200 period SMA once again.If this trendline holds,it'll be enough reason to go short.

Rollover-Those who are looking to go long should be careful about the roll over cost.

Once a trade is taken,the update will be posted here.
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