GBPAUD - another breakdown for you
Another setup to walk you through. Any successful trader should not be afraid or too proud to not want to share their knowledge or help new beginners. Of course teaching and the rest of it comes at a cost but if you can lear something from these charts and explanations then happy days!
So, we can see that GA is very bearish on the 4hr timeframe. You can also see from the line I have marked out at the bottom we have a clear reaction from the level of 1.74164 where price has failed to push past. Since market open Sunday the £ pushed up quite aggressively which allowed us to add a fib from the recent high to the recent low. From this and with the added trendline we already had in place we could see that a nice position to the left would make this a nice place to add a sell limit. Having said that it is a bit obvious so instead of that we added a sell limit on the 61.80% fib which was just a move the trendline to allow the market to push up a bit before entering.
This is now running nicely in profit with us targeting those prior lows.
So, we can see that GA is very bearish on the 4hr timeframe. You can also see from the line I have marked out at the bottom we have a clear reaction from the level of 1.74164 where price has failed to push past. Since market open Sunday the £ pushed up quite aggressively which allowed us to add a fib from the recent high to the recent low. From this and with the added trendline we already had in place we could see that a nice position to the left would make this a nice place to add a sell limit. Having said that it is a bit obvious so instead of that we added a sell limit on the 61.80% fib which was just a move the trendline to allow the market to push up a bit before entering.
This is now running nicely in profit with us targeting those prior lows.