orvilleawright
Long

GBPAUD 1H (2618 trade setup) AT X@2.02977 WITH STOPS AND TARGETS

FX:GBPAUD   British Pound/Australian Dollar
The market has found support (again) at 2.026xx illustrated by the DOUBLE BOTTOM. Using the 2618 trade setup I will buy the 61.8 fib retracement of the double bottom if the price gets to this level.
1. Stops will be placed at the 1.13 fib drawn from point C to B. This places stops below the support zone.
2. Target 1 is slightly below the candle high at point C.
3. Target 2 is slightly below the minor resistance zone at point A.
4. Target 2 stop is moved to breakeven when target 1 is reached. Target 2 stop is trailed using the DNC indicator once moved to breakeven.

Lets see if support holds again.
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