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GBPAUD 4H REVERSAL - DAY RANGE TRADES

FX:GBPAUD   British Pound / Australian Dollar
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

Comments

Brilliant. I entered around 1.7590 TP 1.7900. Your thoughts on how long you think it will take to play out?
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@myronemoyo, USD employment news coming Friday. Not sure if that will effect this pair. There are some AUD news happening this week also. So sometime this week I hope. That is why I am taking 1/2 profit after open trade hits 50 pips and then letting it run to the 1.7900 level. I will be adjusting my stop loss as the trade progresses also. I prefer putting some money in the bank when the market gives it to me.
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myronemoyo Tradingstrategyguides
@Tradingstrategyguides, Thanks for the heads up. Yeah that's a good strategy - will try implement from my end.
Can see quite the pullback back to 1.7600 - however found support at the 61.8 Fib Level (1.75931). Waiting again on today's close to further signal if I should add an extra position.
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