GBPAUD has been going down for a while, since it broke the trendline last december,
It already broke and retested the 1.75 area once, now we're are retesting the 1.75 level from the bottom.
Buuut a beautiful H12 pin bar just formed, right under the 61.8% fib level, so, I'm going short, based on this candle with a RR 2:1, SL right above the H12 Pinbar
Reasons why I'm entering this trade :
1) We're are in a downtrend
2) Price is printing a bearish pinbar on H12
3) This pin bar rejects the psychological level of 1.75 (8th interaction with this level in the last past 6mo)
4) This pin bar is closing right under the 61.8% fib level
This is not an advice, just sharing my thoughs, any input is welcome,
Cheers and trade safe!!!
Will keep you posted!
It already broke and retested the 1.75 area once, now we're are retesting the 1.75 level from the bottom.
Buuut a beautiful H12 pin bar just formed, right under the 61.8% fib level, so, I'm going short, based on this candle with a RR 2:1, SL right above the H12 Pinbar
Reasons why I'm entering this trade :
1) We're are in a downtrend
2) Price is printing a bearish pinbar on H12
3) This pin bar rejects the psychological level of 1.75 (8th interaction with this level in the last past 6mo)
4) This pin bar is closing right under the 61.8% fib level
This is not an advice, just sharing my thoughs, any input is welcome,
Cheers and trade safe!!!
Will keep you posted!
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Made it!