MisterTrader

#GBPAUD : Long with lot lot of confluences on daily & monthly

Long
FX:GBPAUD   British Pound / Australian Dollar
Great Long opportunity, let's see the confluences.

On Dailly :
- Strong support for long
- Bullish engulfing + 50% retracement , time to get in
- Divergence

On monthly :
- Pullback on UP trendline
- SMA200 as support

Relative strength shows GBP have a lot of bullish potential versus USD on #GBPUSD, and AUD gets weak since price reachs resistance zones on #AUDNZD ; #AUDJPY and especially on #AUDCHF. This analyze confirm our bullish scenario.

SL : 1.83801
ENTRY : 1.86494
TP1 : 1.92516 (on first trouble area, on last top level)
TP2 : 1.97577 (on equal distance of previous swing)

Cheers,
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Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
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My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences ( BRN , major S/R, Div , Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action ( pinbar , inside bar etc..) at bottom/top
- Enjoy your wins and learn from your losses

Wish you great success !