Just sharing a position I have just taken on GBPAUD long.
Price has broken out of the descending triangle and has managed to hold momentum outside of this pattern. It has had a lot of volume behind it so there WILL be a retracement in price - Not to worry though.
GBP is strong across a lot of currencies, and AUD weaker across the pairs I follow. Also there is no AUD or GBP news due today.
This gives me lots of reasons to believe that this is a good trade.
Stop loss is just under the large daily breakout bar giving us plenty of room for adjustments. TP is at the top of the triangle.
This is a 3 to 1 reward to risk trade. Happy to take the risk with all these things in my favour.
If price shits itself and drops back into the triangle, then I only loose 1% and I'm hardly going to care.