GBPAUD: Massive topping pattern
The chart depicts a gloomy picture for this pair. It would seem as if the longterm uptrend is coming to an end and possibly falling sharply in the coming days, weeks and maybe months.
I'm using the forecasted weekly uptrend top as a stop location, but we can also use 3 atr%, which would be a 1.2% stop to stay safely in this trade.
I'll enter a small position now, and look to scale in along the way.
Will also add a zoomed out daily chart to show the monthly signal and the bigger picture view with s/r levels and whatnot.
What is specially attractive, other than the patterns and time at mode signals, is that today will be a very heavy news day for this pair, so I suspect we will see a VERY sharp move down take place after the NY close.
Good luck,
Ivan.
I'm using the forecasted weekly uptrend top as a stop location, but we can also use 3 atr%, which would be a 1.2% stop to stay safely in this trade.
I'll enter a small position now, and look to scale in along the way.
Will also add a zoomed out daily chart to show the monthly signal and the bigger picture view with s/r levels and whatnot.
What is specially attractive, other than the patterns and time at mode signals, is that today will be a very heavy news day for this pair, so I suspect we will see a VERY sharp move down take place after the NY close.
Good luck,
Ivan.
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