GBPAUD Potential Buy Opportunity May Be in The Cards.
Hello traders,
let's discuss the potential buy opportunity in GBPAUD. The market has recently broken through previous resistance and is now stalling just below the major key market level of 1.9800. This suggests that the market may be experiencing a short-term bearish momentum, but a potential buy opportunity may be in the cards.
To enter such a setup, we must first look for a point of entry that maximizes our profits while minimizing our risks. In this case, we are looking for a market trend continuation entry just near the previous resistance, which has now become support. By entering at this point, we can ride the bullish momentum of the market and potentially profit from the downward movement.
One possible way to enter this setup is to wait for the market to retrace back to the previous resistance, now turned support level. Once the market reaches this level, we can then wait for confirmation of the bullish momentum, such as a bullish candlestick pattern, before entering a buy trade.
Another way to enter this setup is to use a price action trading strategy. This involves analyzing the market's price movements and patterns to identify potential entry points.
Overall, the GBPAUD market is showing signs of a potential buy opportunity. By entering near the previous resistance level turned support.
Thank you for reading, and I encourage you to follow, like, and comment below with any questions or feedback.
let's discuss the potential buy opportunity in GBPAUD. The market has recently broken through previous resistance and is now stalling just below the major key market level of 1.9800. This suggests that the market may be experiencing a short-term bearish momentum, but a potential buy opportunity may be in the cards.
To enter such a setup, we must first look for a point of entry that maximizes our profits while minimizing our risks. In this case, we are looking for a market trend continuation entry just near the previous resistance, which has now become support. By entering at this point, we can ride the bullish momentum of the market and potentially profit from the downward movement.
One possible way to enter this setup is to wait for the market to retrace back to the previous resistance, now turned support level. Once the market reaches this level, we can then wait for confirmation of the bullish momentum, such as a bullish candlestick pattern, before entering a buy trade.
Another way to enter this setup is to use a price action trading strategy. This involves analyzing the market's price movements and patterns to identify potential entry points.
Overall, the GBPAUD market is showing signs of a potential buy opportunity. By entering near the previous resistance level turned support.
Thank you for reading, and I encourage you to follow, like, and comment below with any questions or feedback.
Order cancelled:
the first level to buy failed, now we can look to buy at next support, I will post another analysis later
Comment:
As predicted, the market found support and went up by 200 pips. I apologize for not posting an updated analysis on this idea, as I had promised earlier. Nonetheless, if you had been keeping an eye on it, you would have seen that it worked out as expected and rallied by 200 pips.
