Short Swing/ Intraday: GBPAUD Long and Short Range play
Updated
Brexit had been on the news for weeks and with uncertainty, the pound has been on a volatile swing, wacking traders left right centre upside down.
However if we were to look closer, most GBP pairs are range bound while waiting for the confirmation of Brexit detail.
As such, we have identified a range play for GBPAUD
A long from 1.833 with SL 60-70 pips below the daily swing low and a short from 1.866 with SL 60-70 pips above the swing high and TP at 1.866/1.833 respectively until the range breaks
As Brexit is a critical event, high volatility whipsaw can be seen
If you are not able to withstand such volatility, do not touch the pound pairs for the time being.
Disclaimer:
The material (whether or not it states any opinions) is for educational purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by Nour Capital or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
However if we were to look closer, most GBP pairs are range bound while waiting for the confirmation of Brexit detail.
As such, we have identified a range play for GBPAUD
A long from 1.833 with SL 60-70 pips below the daily swing low and a short from 1.866 with SL 60-70 pips above the swing high and TP at 1.866/1.833 respectively until the range breaks
As Brexit is a critical event, high volatility whipsaw can be seen
If you are not able to withstand such volatility, do not touch the pound pairs for the time being.
Disclaimer:
The material (whether or not it states any opinions) is for educational purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by Nour Capital or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Trade active
Bought this pair at 1.833Looking to TP at 1.866 and short from there
Trade closed manually
Closed at BE, looking to sell on retracement since it broke the support
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.