Currency pair: GBP/AUD
Expectations: Downward movement after the test
Comment: On the 1d chart, the price has broken the main trend line in a downward movement, followed by a return for a test of former support and current resistance.
Entry 4h after refining the bars. Expecting a pinbar – a falling star or engulf bear candle, will be a signal to enter.
DeMark shows a downward turn in the overbought area.
Stop Lose can be placed above the resistance level at a price of around 1.96
First goal – a previous bottom, as part of the profit can be closed.
After a good move in our favor, the second goal is to close some of the profit and pull the SL at a price of 1.85.
Alternative scenario: The price breaks the resistance level of the main uptrend of 1d chart, returning to its basic bullish range of motion.
Junior Trader Daniel Dimitrov