Meaningful High and 4 Month Support Line Tested
The GBP/AUD has caught my eye. Prices have been contained inside a nice rising support channel. Yesterday, that channel was tested which establishes a low point for us to consider breakout trades to sell.
Zooming out, there is a confluence of wave relationships in 2.20-2.22 from 2 different sources.
1) 61.8% retacement from the 2008 high to the 2013 low
2) Equal wave measurement from the 2013 low
I'm interested in short breakout trades in a multi-lot fashion. That way, we can peel off some exposure if the sell off deepens to maintain risk in the market.
Short near 2.1517
Stop loss near today's high
First target 2.11
Zooming out, there is a confluence of wave relationships in 2.20-2.22 from 2 different sources.
1) 61.8% retacement from the 2008 high to the 2013 low
2) Equal wave measurement from the 2013 low
I'm interested in short breakout trades in a multi-lot fashion. That way, we can peel off some exposure if the sell off deepens to maintain risk in the market.
Short near 2.1517
Stop loss near today's high
First target 2.11
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress