Looking to take a quick 100 pips off this trade. GBP/AUD is currently stuck in a range. I am looking for a break of the triangle followed by the printing of some bearish candlesticks prior to my short.
Going to take a swing at EJ after we have cleared the yellow rectangular support zone and the confluent 0.5 fib level, thus it shall become a good resistance, decreasing our chances of our stop loss being triggered. Targeting the green rectangle first (immediate support) then my second target shall be the added range, confluent with a support level.
Again, price...
GBPNZD - range bound for the best part of two weeks. Looking for a short position on the breach of the 0.236 fib level targeting the top of the red shaded rectangle (immediate support) gaining a good 120 pips. From there, I shall be looking for reasons to go long, back to the top of the range following the longer term trend.
Price is clearly consolidating at the...
A poorly constructed head and shoulders is also present on this bearish chart.
Stop loss - Just above 0.236 fib - confluent with resistance
Entry - Close below 0.382 fib and yellow rectangle
Take profit - Bottom of green rectangle (immediate support)
Over 1:3 Risk Reward on this trade.
