Friends,
GBPAUD is currently in an upward channel. The price has reacted well to the channel thus far keeping an even symmetry. Anticipating a wave 3 to the channel, bringing us up to the 1.414 extension of the previous swing (An event that has happened the last 3 times)
We've had a nice potential set up here, a candlestick piercing signal and follow through buying today, looks as though we are going back up again to test the channel top (Which co incidentally is 1.414 extension of the previous impulse swing also)
I've toyed about with potential entries for Monday, Getting a lowest risk/ reward profile of 6.08. So this is definitely worth trading!!. And the candlestick set up allows you to buy very near to the bottom in this scenario, so stop losses can be tight.
Note: Price at the bottom of the range is near the 200EMA, which consolidates the support already within the up trend channel.
GBPAUD is currently in an upward channel. The price has reacted well to the channel thus far keeping an even symmetry. Anticipating a wave 3 to the channel, bringing us up to the 1.414 extension of the previous swing (An event that has happened the last 3 times)
We've had a nice potential set up here, a candlestick piercing signal and follow through buying today, looks as though we are going back up again to test the channel top (Which co incidentally is 1.414 extension of the previous impulse swing also)
I've toyed about with potential entries for Monday, Getting a lowest risk/ reward profile of 6.08. So this is definitely worth trading!!. And the candlestick set up allows you to buy very near to the bottom in this scenario, so stop losses can be tight.
Note: Price at the bottom of the range is near the 200EMA, which consolidates the support already within the up trend channel.