Huge Buy Potential on GBPAUD Falling Wedge Pattern
I think this chart talks for it self.
In my opinion this market is currently bottoming out after forming a huge falling wegde. A falling wedge is traditionally a exhaustion pattern, and looking at this chart there is quite a chance for decent move higher. I am expecting to see a dynamic move higher towards 1.65/66 from there we will see a corrective leg towards 1.62/61 and followed by another dynamic move towards the 1.70 handle or even 1.77 depending on the fundamental developments regarding brexit.
I am personally planing on going long at 1.5930/5900 with a stop below 1.58 and my first target is 1.65 and then i will reevaluate and look for maybe more...
Good Luck, Please don't trade without Stop-Loss and proper risk management..
All the best.
In my opinion this market is currently bottoming out after forming a huge falling wegde. A falling wedge is traditionally a exhaustion pattern, and looking at this chart there is quite a chance for decent move higher. I am expecting to see a dynamic move higher towards 1.65/66 from there we will see a corrective leg towards 1.62/61 and followed by another dynamic move towards the 1.70 handle or even 1.77 depending on the fundamental developments regarding brexit.
I am personally planing on going long at 1.5930/5900 with a stop below 1.58 and my first target is 1.65 and then i will reevaluate and look for maybe more...
Good Luck, Please don't trade without Stop-Loss and proper risk management..
All the best.
Trade active:
I entered half of my position @ 1.5980 with a stop @ 1.5930. My target is 1.6500.
This entry is based on lower timeframe price action.
I will keep an option to enter the remaining half of my position or reenter at better price if my stop gets taken out, thats why i only took half of my position size.
This entry is based on lower timeframe price action.
I will keep an option to enter the remaining half of my position or reenter at better price if my stop gets taken out, thats why i only took half of my position size.
Trade active:
Reentered @ 1.5900 full position size with stop @ 1.5790 looking for a move towards 1.6500
Trade active:
Current price: 1.6050 / Moved my stop to 1.5900, a risk free trade gunning for a big move higher towards 1.6500.