Thanks to (GWBFX). After look at his GBP/AUD chart setup i copied his setup and added more confirmation.
1. Double bottom at H4
2. Bullish Divergence at H4
If we get divergence in H4 GBP pair we can easily get 200 pips but i don't recommend you to open the trade now, as GWBFX said wait for the breakout and let the market retest the newly broken resistance and make sure it becomes support.
Target Points.
GWBFX - TP: 1.84640, ST: 1.80670
Me - TP: 1.83150, SL: 1.80957 ( Use trailing stop loss and adjust the TP according to your risk management )
1. Double bottom at H4
2. Bullish Divergence at H4
If we get divergence in H4 GBP pair we can easily get 200 pips but i don't recommend you to open the trade now, as GWBFX said wait for the breakout and let the market retest the newly broken resistance and make sure it becomes support.
Target Points.
GWBFX - TP: 1.84640, ST: 1.80670
Me - TP: 1.83150, SL: 1.80957 ( Use trailing stop loss and adjust the TP according to your risk management )
Note
50 SMA breakout in M15 and retest it and then 200 SMA breakout happens at same M15 while bullish candle developing over 50 SMA. So please be patient and wait to get out breakout entry point. We gonna catch lots of pips baby.Note: It's better to be safe than sorry.
Note
Market is consolidating please don't trade in this pair, wait for the breakout
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.