GBPAUD Analysis from 23/09/2019
- 1st the pair is in upside channel .
- we have a doji candle
- 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
- 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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