Get started
British Pound / Australian Dollar
Short

GBPAUD - Bearish Engulfing

By justinholtgrave
Updated
GBPAUD has formed a small bearish engulfing on the daily time-frame. Price is failing to close above the middle Bollinger Band (20SMA) indicating that the down-trend is still valid and very strong. A significant bearish engulfing closed on the 4H time-frame confirming this trade setup. I will post an image of my 4h chart below. I believe that due to the strong selling pressure, price failed to reach the support trend-line before quickly breaking down. SL set above previous highs. TP set slightly above previous support. On the weekly time-frame, price made new lows the week of 7/17, then appears to pullback re-testing previous resistance levels.
Trade active
Note
4h time-frame POV: snapshot
Note
Currently +263 pips in profit. I strongly believe price will reach 1.592 in the next week or two.
Note
Bearish engulfing candles closing soon on the daily and weekly time-frames.
snapshot
snapshot
audBearish PatternsChart PatternsDaily ChartsEngulfing CandleGBPGBPAUDSELLshortTrend AnalysisWave Analysis
justinholtgrave

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.