GBP/AUD - Possible Short
- Price hit a strong resistance level with multiple rejections, it was in an ascending triangle which is usually bullish but broke to the downside, there was also a cross over of the SMA's for a bearish indication.
- I set a sell limit as I wanted price to pass the previous low and trigger a sell, it went into drawdown but created a Lower High which is a good indication of a bearish market structure, Massive Doji rejection candle on 4hr just created too.
- Currently have a very ambitious TP of 420 pips at the top of a daily Descending triangle, SL above resistance and previous high.
- More of a longer-term trade, with a nice 1:3 RR, will be looking to see for price to create another Lower Low for bearish market confirmation.
- I set a sell limit as I wanted price to pass the previous low and trigger a sell, it went into drawdown but created a Lower High which is a good indication of a bearish market structure, Massive Doji rejection candle on 4hr just created too.
- Currently have a very ambitious TP of 420 pips at the top of a daily Descending triangle, SL above resistance and previous high.
- More of a longer-term trade, with a nice 1:3 RR, will be looking to see for price to create another Lower Low for bearish market confirmation.
Note
Running 40 pips deep, Stop Loss to Breakeven - Lower Highs & Lower Lows forming, swinging this to Take ProfitTrade active
Running 100 pips, I personally put sl to original place as I realised it was swinging rather high and low
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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.