GBPAUD - Double Bottom Pullback
Updated
We have a double bottom pullback trade on the GBPAUD. What's so special about this trading setup? Well, on the higher timeframe, the Daily Chart, there is a Bullish Crab Pattern check back.
Although the formation is complete beyond the PRZ, it sits nicely at the level and acts as a new support level.
If you are familiar of the Crab Pattern, you should know that it is quite normal.
On the current timeframe, the 1-hourly chart, the market has a Double Bottom followed by a pullback. No doubt this gives the best Reward: Risk, it is also a high-risk trade as the probability of it hitting the stop-loss is high.
Before you ignore this trading setup, what if I tell you that the potential profit is 386pips, in fact, that might not even be the level that I would take any profit off, and just that it creates more than 5:1 of returns.
Now, would you be interested?
Although the formation is complete beyond the PRZ, it sits nicely at the level and acts as a new support level.
If you are familiar of the Crab Pattern, you should know that it is quite normal.
On the current timeframe, the 1-hourly chart, the market has a Double Bottom followed by a pullback. No doubt this gives the best Reward: Risk, it is also a high-risk trade as the probability of it hitting the stop-loss is high.
Before you ignore this trading setup, what if I tell you that the potential profit is 386pips, in fact, that might not even be the level that I would take any profit off, and just that it creates more than 5:1 of returns.
Now, would you be interested?
Note
Good Morning Traders. At this moment, I have not engaged in this trade. Although the Reward seems good but the reversal doesn't seems strong enough.What a pity.
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discord.gg/AKDr9vPqH7
Live session & Trading Tips on the GO
tiktok.com/@raynlim
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