A good short entry in GBPAUD presented itself
There are several reasons to go short here :
1. The downward trendline. The fact that price did not touch the trendline is a pain, but the trendline does support a bearish stance.
2. The purple horizontal region served as good resistance, as evidenced by the numerous wicks. You could have actually shorted there, relying purely on this price action.
3. Notice the Moving Averages. They not only serve as resistance, but also guide price action downwards.
1. The downward trendline. The fact that price did not touch the trendline is a pain, but the trendline does support a bearish stance.
2. The purple horizontal region served as good resistance, as evidenced by the numerous wicks. You could have actually shorted there, relying purely on this price action.
3. Notice the Moving Averages. They not only serve as resistance, but also guide price action downwards.
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