I have been wanting the GBPAUD to go up for a couple weeks now and it has kept creeping on down. I haven't been able to pull the trigger yet but my new hopes for this set up is to get long when the price action gets into the lower rectangle possibly creating a bottoming formation here. I expect to get at least to the top of the pattern before price hopefully breaking north. For now Ill be sidelined awaiting the trigger area to be hit. Ill keep the chart updated.
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Well that happened a little faster than anticipated. I think a decent shot at a long would be putting a stop under the last major candle on the overthrow. If it falls down from here will back off and analyze further.
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great overthrow. first target reached. on to 2nd :)
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This is part of the plan, its a big candle I think it will fall a tad more without making a new low, if it makes a new low will be stopped out.
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IbbyJalloh
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Lots a people are watching this one buddy. Everyone is getting it wrong and getting stopped out. Based on the continuing residual impacts of the brexit and May's speech the other day and the strength of the Aussie, I think we still have some strong movement south, before we see that strong pull back.. Watch out peeps!!
Art-of-FX
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I completely agree, I think can go as low as 1.6 before any significant rebound