GBP/AUD RETRACEMENT COULD SETUP THE BIG SHORT.

Published date: 07/01/2019
4922 views
 
 

The word for the week is: INITIATIVE.

Why so?... Simply because the market state can change at any given hour and we must be able to adapt & REACT, rather than be married and drown...

Last Friday's GBP/AUD article was aimed towards capturing a potential third & Final pop up toward 1.8150, while also stating that an evident H4 closure back below 1.8000 would invalidate this viewpoint & that it will be best to re-visit the pair after the weekend. So here we are. 

Price spiked through the level: 1.7850 early hours this morning with the rate now pulling back into a retracement zone after the most recent bearish dump. I have highlighted a stable area in which the market may touch before heading lower - 1.7950.

Any accelerated movement could push the pair back up towards 1.8000, so also take note that there's more than one crucial price point to be aware of. A downside target for G.A is 1.7750 so allowing the retracement to unfold further enhances the risk-reward profile of this setup. 

Where to use initiative - The above becomes invalid is the pair breaks & starts to trade above 1.8000.

Thank you: @ShaunLeeOfficial


Comments

  • GBP/AUD RETRACEMENT COULD SETUP THE BIG SHORT.
    Big boys Sellers market..... says:
    07/01/2019

    Retest up to around 1.8000 - 1.8065 then crash... target 1.735 bears cash in... 🤓

  • GBP/AUD RETRACEMENT COULD SETUP THE BIG SHORT.
    james w says:
    07/01/2019

    Theres a potential 4H fib that would put the 61.8-78.6% on the monthly key level. (ignore random wick on the lows, take from the bodily close of the last bear candle). Could the continuation down..? something to keep an eye on

Leave a Comment