I am a bear on this pair..

GBP/AUD DAILY SHORT

Market is flat,price is currently bullish now as a bear i am looking on selling at MPP/PSYCH 1.63500..

GBP/AUD H4 SHORT

Market is flat price came from WS1 with a target of WR1 ,now as a bear i am eyeing to sell at PSYCH 1.62000/WM3 at top of the range..

4 thoughts on “MY GPB/AUD SHORT SETUP”

  1. Teboho Faro says:

    Dont you wanna view that move on daily chart as double bottoms? And take to consideration that most GBP pair are at support

    1. Ryan Gandalf van Jaarsveld says:

      Hey Teboho you can’t have a double bottom if there is no trend. You will notice on the daily chart that Bulls have bought at that level before. You will also notice lower highs which indicates that fewer and fewer bulls are buying at support which is creating a descending triangle and indicates that a break lower may take place.

  2. Ryan Gandalf van Jaarsveld says:

    Hey Themba

    I noticed that the trade plan on your daily chart is not the same as your trade plan on your H4 chart. Keep in mind that when you analyse the daily chart and move down to H4 you need to identify where the confluence of your daily chart’s support or resistance is on the H4 chart. When on H4 you might notice additional levels of support or resistance though you must still at least mention your daily chart’s analysis because as per your daily chart that was a level where you wanted to buy or sell.

    So in this instance you see a range, and I agree, the market is flat. 1.6250 presents the first level of resistance/ top of the inside range (a range within a range) and 1.6350/ MPP is just above WR1 – which is the target for price coming off of WS1.

    You see when I read your H4 chart it is as if the analysis you provided on your daily chart no longer exists. When you are buying or selling it is always good to have two or three levels of support and resistance to consider as you don’t know which one the market is going to take. Pivot targets and psych levels can help though. Hence WR1 being likely seeing as price is coming off of WS1.

    My suggestion is always follow this process:

    1. What is the market doing
    2. What is price doing
    3. What is the target for the month
    4. What is the target for the week

    Then link everything up to support and resistance and identify what you are going to do where based on your bias.

    It’s a small little thing though adding it will make a big difference.

    Best
    Ryan
    Coach @ MetaTraders.com
    Analyst @ Forex.Today
    skype Ryan.Gandalf
    e-mail [email protected]

  3. Ryan Gandalf van Jaarsveld says:

    Something else worth noting is that daily 21 – keeps pushing price down…

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