GBPAUD SHORTS
This pair has been consolidating at this level for some time, which means the zone is still in play.
Daily: Price has been trading within a range and I expect the most recent move to the upside to be a fakeout, therefore the next impulse should take us to the downside.
4HR: On the 4hr we see consolidation once again at the level marked, meaning the zone is in play. This gives me further confidence that price is within the accumulation stage so I expect the sell off to happen around London Session.
With that being said, to be on the safe side I have a relatively large stop to cover the recent highs, since it may be tested before pushing down.
Adding further confirmation, we have multiple candlesticks showing signs of indecision, meaning buyers are out of breath and are no longer able to further push the price above the recent highs.
All in all a very good setup, let's be patient and see what happens.
Daily: Price has been trading within a range and I expect the most recent move to the upside to be a fakeout, therefore the next impulse should take us to the downside.
4HR: On the 4hr we see consolidation once again at the level marked, meaning the zone is in play. This gives me further confidence that price is within the accumulation stage so I expect the sell off to happen around London Session.
With that being said, to be on the safe side I have a relatively large stop to cover the recent highs, since it may be tested before pushing down.
Adding further confirmation, we have multiple candlesticks showing signs of indecision, meaning buyers are out of breath and are no longer able to further push the price above the recent highs.
All in all a very good setup, let's be patient and see what happens.
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