GBP/AUD Ascending triangle
If we start analyzing from the D-timeframe we can see that we are at a strong Support level and we have more than 1000pips to the upside we go to the lower timeframe like the 1hour TF we can see an Ascending Triangle. So the best way to play out such a trade is to wait for the breakout and set our SL just below the support line (Or preferably 1ATR below it) and we can create 1:10RR trade.
Confirmations:
Daily and weekly support levels;
GBP-Top rated in the currency strength matters;
1hour TF possible confirmation after the breakout;
Entry:
In best case scenario we can just place a Buy Stop order above the triangle forming in 1hourTF
Risk Reward:1:3/1:10 Depends if you are aiming for longer-term swing move
Confirmations:
Daily and weekly support levels;
GBP-Top rated in the currency strength matters;
1hour TF possible confirmation after the breakout;
Entry:
In best case scenario we can just place a Buy Stop order above the triangle forming in 1hourTF
Risk Reward:1:3/1:10 Depends if you are aiming for longer-term swing move
Trade closed: stop reached
