Forex

Forex Price Action Baby, No Technicals or Fundamentals…Trade #9 – Sold GBP/AUD (3/11/19)

10,000 Ft View – 4 Hr Chart

There are a couple of things I like about this trade set-up.

Price is within weekly and daily zones.  In addition, price formed a “M” pattern on the daily chart. 

NOTE: a “M” pattern is just a double top signaling a trend reversal pattern.

Thus, I was looking for a pull back before the continuation down. I wasn’t in love with the zone, even drilled down to a 1 hr chart to evaluate the zone. But I took the trade based on all the other factors discussed.

However, I was stopped out of the trade several hours later even with a bit more cushion on the stop loss.

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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