daytradersfx
Long

500-700 pips, SIGN ME UP!

FX:GBPAUD   British Pound/Australian Dollar
We have a GREAT pattern on a daily chart , this has been long awaited!

We have some GBP volatility coming with the Dec             7th vote in the UK pertaining to Brexit, but we have nearly a month to tackle this trade.

ENTRY: two things, first get a daily close a above the descending trend line . Also I'd like to see 1.6550 break, then I'll buy pull backs with short term trend lines on hourly and 15 minute charts.

TARGET: monthly pivot at 1.7200 at least, I will create symmetry measurements as the move progresses.

STOP LOSS: I will stay in this trade as long as it stays above the descending trend line , otherwise we have to use a 400-500 pip stop loss, that is TOO big for me!
Comment: Here is an update of what I want to see happen next, the initial break out was tough to get a good entry, we have a nice pull back playing out right now, see chart:

snapshot
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