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.
It already hits 2.03500, is it time for SHORT ?
Yes mate. Balls deep short
earthkamol Gustav.Mejlvang
Thx mate. We are in the same boat. LOL
ibnu Gustav.Mejlvang
how deep will you keep the short mate? to the 38.2 fibs (1.985) ?
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.
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.
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 PRO 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.
+1 Reply
Thx for your great analysis ^_^
+1 Reply
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