Gustav.Mejlvang
Short

Going to short GBPAUD if price can reach 2.03286 today

FX:GBPAUD   British Pound / Australian Dollar
306 10 5
Price needs to get there today, otherwise I'm not interested in selling it.

We have an old level with 50% fib on it + price would be past D1 ATR.
Trade active: Order filled
Comment: I will bail on this trade if we get a close above 2.03532. It should move lower relatively quickly and therefore I'm out at first sign of trouble.
Trade closed manually: Closed out for a profit of 3.2R / 253 pipsas i do not want to hold over the weekend.
Thx for your great analysis ^_^
+1 Reply
wow
+1 Reply
Based on the daily close, I have decided to revise my target for a bigger one. I do think this pair can make a decent retracement before we see more upside. I am now looking to target 1.98913. There are several trouble areas, and I will keep an eye on them and trail my stop down as we break them.

However, I do think price will retrace a bit during the asian session and maybe early London session.. So my stop will not be moved until we see further downside movement.

Trade safe, ledges!
+1 Reply
Gustav.Mejlvang Gustav.Mejlvang
Stop moved to 2.02106. Looking to add to my position at around 2.01582 if we can break a little further down and then re-test the old support.
Reply
It already hits 2.03500, is it time for SHORT ?
Reply
Yes mate. Balls deep short
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earthkamol Gustav.Mejlvang
Thx mate. We are in the same boat. LOL
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ibnu Gustav.Mejlvang
how deep will you keep the short mate? to the 38.2 fibs (1.985) ?
Reply
Depending on the close tonight I might revise the target for a bigger one. Look at the D1. Price is very stretched and has had an insane run up last couple of weeks. This could retrace quite a bit. Will update in case I revise the target.
Reply
ibnu Gustav.Mejlvang
Agreed, this pair is rocketed up for the last 5 weeks without a single retrace, thus breaks the weekly down trend.
This pair might make a deep correction before continuing the break.
Looking forward the update mate, thanks.
Reply
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