Reason for trade:
Weekly: Lately we had a bread & butter setup/trade that followed with a bull run, netting +800 over pips on a single trade that lasted 1
month. After that, market went into retracment mode and 2 weeks of consolidation(doji candles), showing us a nice and clear zone
of support at 1.68 region(coincides with 61.8% fib retracment. Again it qualifies as a bread & butter setup/trade for me, and i
entered a long following monday market open. After 1 week of holding, we saw the market closed as a bullish engulfing. However
with some rejections at the top, 1.7135 region. My opinion is that market is still bullish on GBPAUD, until i see a bearish signal on the
weekly perspective. I expect to see 1.75 probably this week with BOE rate announcement later. As GBPUSD is bullish, and AUDUSD is
bearish. We may see this pair heading to 1.78.
Weekly: Lately we had a bread & butter setup/trade that followed with a bull run, netting +800 over pips on a single trade that lasted 1
month. After that, market went into retracment mode and 2 weeks of consolidation(doji candles), showing us a nice and clear zone
of support at 1.68 region(coincides with 61.8% fib retracment. Again it qualifies as a bread & butter setup/trade for me, and i
entered a long following monday market open. After 1 week of holding, we saw the market closed as a bullish engulfing. However
with some rejections at the top, 1.7135 region. My opinion is that market is still bullish on GBPAUD, until i see a bearish signal on the
weekly perspective. I expect to see 1.75 probably this week with BOE rate announcement later. As GBPUSD is bullish, and AUDUSD is
bearish. We may see this pair heading to 1.78.
Trade closed manually:
Closed at +84.3pips profit