GBPAUD Short Trade *QUICK COUNTERTREND, FIB TRADE*
Here is my set up for a quick counter trend short trade on GBPAUD.
From analysing the previous 4hr waves, price reacts very strongly to the 4hr fib 1.618 extension level. Therefore it should be safe to short at the current level around 1.86 and the fib extension of the last bullish wave.
Stop loss placed 35 pips above the 1.86 whole number level and I am targeting the previous resistance zone at 1.8450
R:R over 4:1 on this trade.
From analysing the previous 4hr waves, price reacts very strongly to the 4hr fib 1.618 extension level. Therefore it should be safe to short at the current level around 1.86 and the fib extension of the last bullish wave.
Stop loss placed 35 pips above the 1.86 whole number level and I am targeting the previous resistance zone at 1.8450
R:R over 4:1 on this trade.
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