GBPAUD Analysis  from 23/09/2019

  1. 1st the pair is in upside channel .
  2.  we have a doji candle
  3. a retracement is on the way


my favorite condition is to set as target as usual the down channel line.

Second i will be following my own strategy of fibonacci on this pair to ride the general trend.

1st condition i look on h4 and add fibonacci to the chart then  i look if the pair if out of overbought zone in stochastic

second condition i will wait a retracement of 38% or 50% of fibonacci

Third condition i will look on H1 TF  to  to see if  stochastic is in oversold zone

if those are met i place an order on 38% FIBONACCI if 38% not hold i will place a buy  on 50%fibo

Target is last high stop loss is below 50% fibonacci

conclusion :

  • stochastic is on oversold zone in 1H TF
  • Wait for fibo retracement of 38% or 50% to place a buy order
  • Take profit last high
  • stop loss under 50% fibonacci


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