.st0{fill:#FFFFFF;}

GBPAUD Price Action Analysis – 17th Aug 2017 

 August 19, 2017

By  Advanced Strategies

Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…

[thrive_link color=’green’ link=’https://www.forexstrategieswork.com/the-price-action-club/’ target=’_blank’ size=’big’ align=’aligncenter’]Join The Price Action Club Here…[/thrive_link]

GBPAUD Price Action Analysis – 17th Aug 2017

GBPAUD has been on a bearish trend on the Daily chart. The pair has established an H4 bearish trend as well. The price broke a significant level of support and continued its bearish journey. A retracement and an H4 bearish reversal candle right at that breakout level would attract the sellers to sell the pair again. Let us have a look at the H4 GBPAUD chart….

GBPAUD Price Action Analysis – 17th Aug 2017

See the breakout at 1.63850 and the bearish journey of the pair. The price might start retracing from where it is now or it could come a bit further down. In both cases, we have to wait for the price to go up again to the breakout level. If that happens, then we should wait for an H4 bearish reversal candle to take a short entry.
  • Sell Limit Order: 1.63850
  • Stop Loss Level: 1.64800
  • Take Profit- 1.61450
  • Validity: 72 hours
  • Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Most of our entries depend on Engulfing reversal candle. An Engulfing reversal candle means, which is produced right at the support/resistance level. It might have a spike at the other end, but must not have a long spike towards the trend’s end. The “Close” of the candle has to cover the last candle’s “Open”. An Engulfing candle reflects the psychology of buyers or sellers that they are confident to go towards the trend again. Other reversal candles do not reflect the confidence of traders as much as an Engulfing candle does. This is why an Engulfing candle at the right place makes a trade setup to be an A+ setup.

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: GBPAUD Price Action Analysis – 17th Aug 2017

[thrive_link color=’green’ link=’https://www.forexstrategieswork.com/the-price-action-club/’ target=’_blank’ size=’big’ align=’aligncenter’]Join The Price Action Club Here…[/thrive_link]

 


Claim Your $60 No Deposit Bonus Here

All you need is to have your live account verified!
Of course, you need to open a live account...

2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!

Broker #1

Broker #2

We use both of these brokers and proudly promote them!

NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.

Other Analysis Today

Advanced Strategies


Your Signature

related posts:


GBP/USD Daily Price Forecast – 28th March 2024


GBP/NZD Daily Price Forecast – 27th March 2024


USD/JPY Daily Price Forecast – 26th March 2024

Leave a Reply:

Your email address will not be published. Required fields are marked

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Get in touch

Advanced Forex Strategies