GBPAUD BUY SET UP with Patterns and Structure

GBPAUD BUY SET UP

Price hit the horizontal structure
and the last 4h candle can't close below.
It also hit the 1.272 EXT of the AB LEG
which complete a butterfly pattern

buy gbpaud, SL below 1.414 ext
Aim for a big reversal

Trade closed: stop reached:

stopped at 1.6245

50 pips loss

Comment:

the reason is due to the rally of the meatls:
copper ion ore and zinc, which drives aud up.

A sl is a Sl, part of the plan.
so cut the loss small and move to the next potential winning trade.
this week the eurjpy and gbpjpy short is doing well,

Comment:

Trade active:

After stopped out, we have another 2618 Buying Opportunity

Comment:

1.6220 works well. so now we can buy gbpaud based on the price action from that level. SL below 1.6180