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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….
- 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
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