Potential Long Position for GBP/AUD_Trade Plan 2017.06.29
Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level
D1 and H4 are both showing the overall trend is still down with price still moving below MA200.
However, for the last 2 days, price bounce back up after rejected from major D1 support area 1.66845 - 1.67683.
In H1, price starts to form Higher High and Higher Low formation, the initiation of possible uptrend.
Trade Plan 1:
If price pull back to the confluences of support area around 1.68992 - 1.69240 (previous resistance turns to support, Fibo Ret 50% - 61.8%) and rejected up, can consider to long the market to follow the potential trend reversal to the upside.
With Stop Loss 49 pips and Target Profit 130 pips, the potential trade offers 2.65 Reward-To-Risk Ratio.
Since the major trend is still down in higher timeframe, keep in alert if price reversing back down below support area 1.68992 - 1.69240 massively, this Trade Setup may be invalidated.
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