Trade Idea: Possible Sell Zone For 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: Possible Sell Zone For GBPAUD
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Broken key level of support @ 1.8115
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: The GBPAUD pair broke out in momentum at the support level of 1.8115 after a strong bearish impulsive move.
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 1.8115 now holds as a new resistance, along with the descending channel top.
I will be looking for a strong bounce of this key area 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 previous Daily lows, and bottom of the descending channel.
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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