Here we have a valid bearish pattern on FX:GBPAUD , that is coming close to its completion point. After adding few Fibonacci extensions and inversions, I was able to obtain 3 zones and all of them are located between our short entry (1st zone from the bottom) and the X point of the . Also note we have a really nice right at the X point. Thus we might see the market come back up near the and so our stops need to go above that . So we got 3 different zones + the , if the market is able to go through all these "potential" resistance levels than we better make sure to exit with a small loss. See the chart above for more information.
Short Entry Level: 2.0600 (psychological round number)
Stop level: 2.07956 (risking 0.94% of total equity)
Target #1: 2.03698 (potential return of 1.12%)
Target #2: 2.02272 (potential return of 1.82%)
HIGH IMPACT NEWS EVENT: Got "Services PMI" number coming out tomorrow early morning from GBP @ 4:30 AM.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
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