GBPAUD Continuation Short

Same story with GBPAUD as a continuation short.  Unfortunately at approx 140 pts risk those of us on half a percent cannot take this trade.

 

1. Lower lows and lower highs

2. Below 50 & 200 EMA

3. Strong Horizontal Resistance at 1.4635

4. RSI Convergence

5. Bearish Price Action (High Test Bar)

6. No level of support in the way

7. Fib Retracement Level 50%

 

I've taken USDJPY (long) and GBPAUD (short) on my retail account.

USDJPY & AUDJPY

Trend Continuation (Long)

Please click on the chart to enlarge it

 

 

Hi Traders

 

As Tom suggested the Yen trade which turned up exactly in  the way he described but sadly all of us who are on half a percent risk per trade can't take the trade on any of the above two pair because setup bar size in USD/JPY is about 150 pips & in AUD/JPY is about 200 pips which means no trade for the prop traders who are still on half a percent risk trade but the traders who are at one percent risk per trade can take both trades.

 

USD/JPY

 

Scoring following 7 points, Highly probable

 

1. Higher High & Higher

2. Above 50 & 200 EMA

3. Strong Horizontal Support at 94.00

4. RSI Convergence

5. Bullish Price Action (Low Test Bar)

6. No level of Resistance in the way

7. Fib Retracement Level (between 0.382 & 0.5)

 

AUD/JPY

 

Scoring following 6 points, Highly probable

 



1. Higher High & Higher

2. Above 50 & 200 EMA

3. Strong Horizontal Support at 94.00

4. RSI Convergence

5. Bullish Price Action (Low Test Bar)

6. Fib Retracement Level 0.382