FOREX.TODAY

Our Blog

GBPAUD Swing Trade Cont. (Jan 11)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2016-01-11_15-58-46-GA1

I posted GBPAUD Swing Trade setup last week.   However, the expected down move has not started yet.

Since the base is Daily chart, we may have to wait some more, until we can enjoy the down move.

Here is the basic setup on Daily chart.

2016-01-11_15-58-46-GA1

Basically I am expecting the price will fall from the current Role-Reversal resistance level, with Stochastic (eventually) turning down.

The additional news is… on H4 chart, I now see Bearish Divergence on Stochastic.

2016-01-11_16-00-39-GA2

This is a good sign!

For the entry, let’s move to M15 chart.

The price is still up trend on M15 chart, by making higher lows.

Thus I will wait for Lower Low (by breaking out prev low of 2.0740), then try to sell from the re-test.

2016-01-11_16-01-55GA3

Stop should be a bit higher than Prev High (2.0995).

The target?  I would like to say MS1 (1.9667).   But Psycho level of 2.000 may be a nice conservative target as well.

 

Hope this setup helps you build your own.

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

Share

Your nameYour emailYour text

Leave a Reply

Thank You

Thank you for signing up. Confirmation will be sent to your inbox shortly. You can login here

Log in
Register
Send message