Analysis
-GBPAUD showing signs of reversal after buyers pushed price up into resistance two times but sellers pushed down both times before the 4H candle close.
-This price action resulted in a 4H doji/pinbar setup AT RESISTANCE which is a bearish sign meaning sellers may be stepping in the market.
-There is also RSI divergence on the 1hour chart further suggesting that we may be seeing a selloff soon
Entry, Stops and Targets
-Short Entry: 1.7882
-Stop Loss: 1.7967 (Set stop above the high of the reversal candle with some buffer)
-Take Profit: 1.7712 (Set target 2 times your stop depending on entry)
*Always practice good risk management by risking a maximum of 1% to 2% of your capital on any given trade
-GBPAUD showing signs of reversal after buyers pushed price up into resistance two times but sellers pushed down both times before the 4H candle close.
-This price action resulted in a 4H doji/pinbar setup AT RESISTANCE which is a bearish sign meaning sellers may be stepping in the market.
-There is also RSI divergence on the 1hour chart further suggesting that we may be seeing a selloff soon
Entry, Stops and Targets
-Short Entry: 1.7882
-Stop Loss: 1.7967 (Set stop above the high of the reversal candle with some buffer)
-Take Profit: 1.7712 (Set target 2 times your stop depending on entry)
*Always practice good risk management by risking a maximum of 1% to 2% of your capital on any given trade
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