Akil_Stokes
Short

GBPAUD: Support Turns To Resistance

FX:GBPAUD   British Pound/Australian Dollar
(VIDEO LINK: https://www.youtube.com/watch?v=n5UI2kypn4I ) GBPAUD             has been a pair that I’ve swung and missed at all week with 2 losing trades & a trade that came half way to targets before getting stopped out for breakeven. The majority of the week has been focused around this same structure level & now that price action is trading below it, I may have my chance at a short opportunity.

As one of my clients showed me yesterday there was a chance to get involved in the initial break of support & retest yesterday, but with us being in a heavily bullish trend on the higher time frames, I wanted to make sure that this wasn’t just a simple retracement of the bigger move. Now don’t get me wrong, this particular setup can easily be a complex pullback as well, but I do have a much better potential risk to reward setting up here if I can play my cards right.

The presence of a new 3-legged bearish formation (SP-ISH-OR-NSL) gives me a little more confidence but I still want to be cautious and look for the right reason for entry. If we do continue bearish , I’m not expecting a full reversal, but with the trend looking as if it’s running out of steam on the daily, we may be in for a deeper retracement. See many of you in the Live Trading Room!
Do me a favor, if you actually read the write ups that go along with my charts please let me know by either giving the like button a hit or leaving a comment beneath. I always want to be as efficient as possible with my time so I want to get an idea of who’s reading and who’s not.

Akil Stokes
Chief Currency Analyst
http://www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM /

Forex Weekend Review Videos:
https://www.youtube.com/playlist?list=PL3pkGkL2zWpHt7X4ZeT0w0n6hk0C8Lwx1
Learn to Trade at https://tradeempowered.com/ "Empowering Traders Worldwide"

Sign Up For My FREE Weekly Trading Video -
https://buff.ly/2h1ltak

Watch Our FREE Training Lessons & Workshops
https://tradeempowered.com/learn-to-trade/


what do you think of shorting this pair @ this position?
snapshot
Reply
it's nothing that i would personally look to do, but if it meets your rules, take the trade
Reply
Tijmen_K Akil_Stokes
Okee Thanks for your response. Dont think so then ;)
Reply
please don't let my opinion dictate how you trade. I'm not saying that you're right or wrong but it's nothing that meets my rules for trading which is why i would not trade it
Reply
Tijmen_K Akil_Stokes
I know that But it was Just A suggestion nog A real trade settup for me. I stick to the 2618's But i never learnt enough
Reply
Tijmen_K Tijmen_K
Not * sorry for the bad typing..
Reply
Okay, I just didn't want it to seem like I was telling you not to trade it.
+1 Reply
Hi Akil,
I found a bullish structure formation on GBPUSD, Performed IPDE and the trade went smooth.
GBPAUD Bullish Structure Formation
+1 Reply
Ahmer Ahmer
^ Typo, It was GBPAUD, , anyway thanks.
+1 Reply
Well done. Way to follow your plan!
+1 Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out