Here is one Swing Trade setup.
On Daily chart, this pair is in the downtrend, by making series of Lower Highs and Lower Lows.
Currently Stochastic is hitting almost 75% and the current price is at Role Reversal Resistance area.
Thus I am looking to short this pair.
On Hourly chart, this pair was very bullish by riding 21EMA. However, it just made the first Lower Low. Thus it may be interesting to short from the next Lower High.
The target?
If you want to follow Pivot theory, that will be MS1 (1.9846).
If you want to follow Fibonacci theory, that will be Fib138.2% (1.9768)
Hope you found this setup interesting.
YJ Baik – Forex.Today @ Tokyo
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2 thoughts on “GBPAUD Swing Trade Setup (Jan 8)”
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TX YJ, VERY PROFESSIONAL AND GOOD EXPLANATION.
TX FOR YOUR HELP.
WHAT YOUR THOUGHTS ABOUT AUD?
Thanks Dima, for your comments.
I am hoping AUD to get stronger.
I understand China is a big issue.
But AUDUSD is almost forming Double Bottom on Weekly chart.
So I hope that will be the bottom, and eventually go up.
Another simple reason for me to pick AUD, or NZD is a Swap. So I tend to find the Long trades with AUD and NZD.
-YJ