GBPAUD – Range play for the week of 04 July, 2022

EIGHTCAP:GBPAUD   British Pound / Australian Dollar
Preceding trend – bearish
Current price action – Ranging/Consolidation

The range is well established and taking a short at its top would be in line with the major trend. A trend continuation leading to larger gains cannot be ruled out either. For an entry signal I will be looking at price action on H4 and H1 time frames. Extending the target will depend on how I see the strength and momentum with the bears. For now, I will be targeting the range bottom.

If this setup works out as per above, we have the potential for a +3R trade.

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Always use sound money and risk management and stay patient in all your trades.

Trade closed manually: The trade made a nice 250 pips profit and I have decided to close it (not wanting to risk leaving it over the weekend).


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