GBPAUD short-term BUY setup.

Apr 29

The structure broke out from a downtrend, after failing to print a lower-low while also leaving an unmitigated order-block behind.

Price is now retesting this order-block. Hopefully, it maintains this structure to give us a lower-high.

Nice structure in my opinion.

#GBPAUD
But setup
1:5 RR
Expectation, 1-2 weeks

Managing risk is crucial. ⚠

Let's get it.

Apr 30

Note

Trade is valid while we wait for the AUD interest rate next week.

May 4

Trade active

We have been tagged in. Tomorrow is the RBA interest rate announcement, which I hope will give us an insight into how to manage the trade when it's released.

We need a close above 1.893 by tomorrow, assuming they don't raise the rate above expectation.

May 6

Trade closed: stop reached

The 'closing above' that failed on the H4 invalidated the trade. Reminder to use the entry timeframe as the reference next time.

That's a minus 1R yet again.

Current profits now sit at +5R