We have been on top of this pair for months and I like to trade the next impulse higher on daily time frame as well. For my previous posts see below:
I like to see a bullish break for a buy trade. This break will be on lower time frames first and ultimately I expect to see a break out of the daily channel. Therefore this pair is expected to present many buying opportunities once we see the first impulse higher.
I hope you guy's didn't miss this trade. Trading is not about trading a signal for me but understand the dynamic. The GBPAUD is in a corrective structure on daily time frame and hit our long term target at 2.00 in combination with a corrective wave count (extended). Then we had RBA on the agenda in line with the technical set-up. Now I only manage my 3 positions but I expect at least a test of the upper trend line which will likely be followed by a bullish break.
TimStuyts
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The GBPAUD reversed sharp and my first trades were stopped out in profit. I re-entered and am still looking for at least a test of the upper zone of this daily corrective structure.
A break will be the signal for the trade we don't want to miss for a new daily high.
TimStuyts
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We saw the first break, watch for the next one.
khorkhii
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been checking out your trades, great analysis Tim specially since I'm trying to learn from these signals and not only make money. I'm just starting to trade and I'm taking a course at a trading institute. We didn't learn about Elliott Wave though, would you recommend I learn about it? Any books you could recommend? Thanks!