ForceFollower
Short

GBP/AUD - shorting into support

FX:GBPAUD   British Pound / Australian Dollar
144 6 0
Sliding down off of a a channel of declining parallel lines ( GBP/AUD             likes such channels, as I've observed). The minimum extent of the expected decline is at the thick cyan line, but there's potential for further fall - down to the support at approx. 1.6915.
I find it still possible for the price to return to the downsloping borders of the channel.
Reply
motleifaul ForceFollower
I agree with you. As I said in my idea at the GBP must manage to stay in the upward channel. If it does not then your scenario comes in force. At 1.7161 there is a nt only the close of the gap but also a cross of a brown line with the medium line of your rising pitchfork. What is this brown line?
We must also have in mind that the upward trend of the Pound is slowing at least and that it has to decide now in which direction the trend will develope. We got a double bottom at 1.6670 as well as a topping formation at 1.7450.
Reply
motleifaul motleifaul
I just closed my long position with profit.
Good luck to you!
Reply
I doubt as the daily seems to be a clear buy above 1.69. So I rather expect a fill of the gap and a slide upwars in the cyan fork.
Reply
ForceFollower motleifaul
Thank you for your contribution, motleifaul. The recent price development shows you're probably right. I was fooled by the cyan thick line of the 'support-turned-into-resistance' kind. However, with due respect to your observation, I will keep my fingers crossed for the gap to stay open. :-)
Reply
ForceFollower motleifaul
I acknowledge your insight: the gap got filled.
Reply
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