Forex

Forex $1 MM Challenge – Trade #9 (4-9-19) Bought GBP/AUD

British Pound and the Australian Dollar have been two of the best-performing currencies in 2019. 

Along with commodities, the Aussie is trying to stage a come back after declining 8% in 2018.  A US-China trade deal will surely send the Aussie higher, but if no deal is reached, be sure the Aussie will go lower.  

There is discussion that European Council President Donald Tusk will this week propose to European leaders they offer the UK a 12-month “flexible” Brexit delay.  If the proposal is granted, a “no deal” Brexit is back off the table and the British Pound should rise.

These two events are binary events, meaning they could go either way.  I’m mindful of fundamentals, but I must trade what the charts are telling me to trade.  So lets go to the charts to see the set up.

Monthly Chart (Curve Time Frame) – monthly supply is 2.0500 and monthly demand is 1.6150.

Weekly Chart (Trend Time Frame) – the trend is up.

Daily Chart (Entry Time Frame) – the chart suggests to go long on a pull back to the daily demand at 1.8250.

Last week, I missed the trade when price entered the daily demand for the first time. However, today I was able to get into the trade when price came down to the 4 hr demand zone.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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