Art-of-FX
Long

GBPAUD cheeky long while short

FX:GBPAUD   British Pound / Australian Dollar
34 2 1
I recently posted this wedge before the break on a bearish set up. And while I imagine we still have some downside my bearish set up has already been locked into profit. One thing I like to do with trades is make money on both sides. My plan on this strategy is to use my averaging strategy. Because we already have profit on one side we dont want to do anything to risky. SO the strategy will be at this point to use a third position and average up to 3 positions at this size. I chose this level to start longs because we have such a great bullish candle. I imagine that this will be filled pretty soon. To add to the set up a retest is needed and we have a shaved candle. Hopefully this set up will play out the way I am anticipating so everyone will have the chance to grab pis on both side.
Comment: now at 2 1/3 rd positions
Comment: At one full position size now. Stop below the current low. Target the same. Good luck:)
Isn't the exchange rate still too high for long?
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Please remember I am still locked into profit on the short side, and I only just added my 3rd 1/3rd position so I am well up on that end. Also I am confident if for nothing else that else market will equalize itself near my rectangle, or even for a retest of the trend line.
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