I would also say that I have put a small pending long order on a break below the range here. I have no argument to be short the GBP AUD in the context of the current Macro Economic climate, so any trades I try will be longs.
Usually i risk 2%, in this case i might just expose myself to 1%, however if it does bounce and comes back inside the range, the case for the bullish continuation is much stronger and would allow me to both run it and add to it further.
Obviously if the sellers take control then its time to wait on the sidelines some more.
Perhaps scaling in another 1 or 2% with a break then above the range.
Of course if It gets stopped out then a slide lower is possible and I have buy orders waiting at around 202160.
Usually i risk 2%, in this case i might just expose myself to 1%, however if it does bounce and comes back inside the range, the case for the bullish continuation is much stronger and would allow me to both run it and add to it further.
Obviously if the sellers take control then its time to wait on the sidelines some more.
Perhaps scaling in another 1 or 2% with a break then above the range.
Of course if It gets stopped out then a slide lower is possible and I have buy orders waiting at around 202160.
Note
The context of this chart is based on the idea presented in this chart. ![GBP AUD [Ranging Sideways, Will It break higher?]](https://s3.tradingview.com/m/MCy3hMKY_mid.png)
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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.