Trade Idea: Bears Continue To Have Full Control On GBPAUD
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It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
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All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Bears Continue To Have Full Control
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Broken support key level 1.7855 with current support at the 1.7628
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: The GBPAUD pair has been forming lower lows and lower highs in a strong bearish market. With a recent bearish impulsive move I would expect a retrace now on this pair.
With a strong bearish bias that remains intact, I am watching for future bearish movement.
Potential Trade Idea:
I am considering selling this pair again if the broken key level of 1.7855 now holds as a new resistance.
I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.
This setup will have plenty of free space, giving the trade idea room to head lower to the next key level of support.
Then looking for this support to be broken with the next leg of this bearish move to continue lower.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
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Now is your turn:
How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.
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