GBPAUD 4H REVERSAL - DAY RANGE TRADES

British Pound / Australian Dollar (FX:GBPAUD)

Updated

FX:GBPAUD British Pound / Australian Dollar

trendanalysis chartpattern reversal-trading rangetrading sellstop takeprofit tradingstrategyguides 4h day gbpaud

GBPAUD is in a Day range pattern
Price is at the bottom of the range and also at a long term sup/res level
Price can bounce off range bottom or breakout and continue the trend

Day Breakout trade -
Sell Stop @ 1.7520
Take Profit @ 1.7420
Watch Macd to cross below Red signal line - close trade if Macd crosses above Red signal line again
4H Reversal Trade
1st Buy Stop @ 1.7775
2nd Buy Stop @ 1.7805
3rd Buy Stop @ 1.7875

Take Profit 2 options
Opt 1 - 1st and 2nd Trades take 1/2 profit at 50 pips each - run with balance to take profit
Opt 2 - Run all 3 trades to take profit
Take Profit @ 1.7920

Comment: Because the 50 sma has fallen so much I have adjusted my 1st buy stop to 1.7760

Comment: I have adjusted my 1st bullish buy stop entry again to 1.7737
Pair looks like it may continue it's bearish trend for awhile again.
Price broke out day range bottom. Waiting for some candle closes on smaller time frames

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