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
Akil@Tradeempowered.com /@AkilStokesRTM /

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what do you think of shorting this pair @ this position?
it's nothing that i would personally look to do, but if it meets your rules, take the trade
Tijmen_K Akil_Stokes
Okee Thanks for your response. Dont think so then ;)
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
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
Tijmen_K Tijmen_K
Not * sorry for the bad typing..
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.
+1 Reply
Ahmer Ahmer
^ Typo, It was GBPAUD, , anyway thanks.
+1 Reply
Well done. Way to follow your plan!
+1 Reply
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