GBPAUD Price Action Analysis – 17th Aug 2017 | Free Forex Trading Signal

GBPAUD Price Action Analysis – 17th Aug 2017

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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

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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.

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