FX:GBPAUD British Pound/Australian Dollar
I came across this setup on the 6hour chart. Price is already showing strength to the upside. All you have to wait for is a pullback to the entry area. The profit target is somewhat conservative but I like to get my profits and run. I believe this is a trade that if you can have at least two target. The second target can be a mechanical stop to squeeze as much price movement as possible out of this one. I may consider that as I see how the trade works out. If this trade hits before market close today, I will hold this one over the weekend. Normally I wouldn't do that but since price is already going in our direction with strength, if you're concerned about gap risk, it's been my experience that price usually gaps in the direction of the overall trend.