GBPAUD short

Hi trader's,
unfortunately I was not able to post in time (before the intra day got triggered) so let's use this post as an example of what has to come but then of larger degree (more pips to cover).

I do not see the minimum requirements yet for a CONTINUATION lower on higher time frames. This is crucial because an extension is not the same as a continuation. Trading wise it is what it is and I simply trade what I see. This means; I will be looking for a 1hr time frame correction before selling again. This most likely will only happen/be completed next week.

I will update this post once we see that happening and prepare for the real break/sell lower. In the meantime the possibility of a break above 1.77 is still on the table so no need to rush into a short.

Bigger picture:

Have a nice weekend!

Komentarz:

This pair is correcting in what might turn into a perfect sell set-up. Remember me writing that we did not see the minimum requirements for a bearish continuation. An impulse corrects in either price or time or a hybrid form. It looks like we are going to test the previous high of this correction next, that will be sufficient for the minimum requirements for a bearish continuation.
Below you find my short term chart.
'I trade what I see but this should at least show you why I manage my position the way I do and for what reason.
Stay focused on a potential bearish break and in case this happens prior to a test of the previous high, manage it closely.'

Komentarz:

Back to the drawing table. Although I mentioned that we most likely were going to test the previous high, this impulsive response was stronger than I anticipated. I stay aside for now and will get back to this pair by means of a new post.