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
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Because the 50 sma has fallen so much I have adjusted my 1st buy stop to 1.7760
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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
Brilliant. I entered around 1.7590 TP 1.7900. Your thoughts on how long you think it will take to play out?
Tradingstrategyguides
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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.
myronemoyo
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@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.