Perfect GBPAUD buy opportunity is forming at the moment. The pair has completed a bearish cycle on the weekly chart and we can now look for long setups. On the Daily chart what I am looking for is the entry near the key level as shown below:
GBPAUD Daily Chart:
GBPAUD H1 Chart:
On the H1 chart follow the down trendline ( red) as shown in the image below. Once broken up along with the most recent high, this is step one. Next step is to wait for a double wave correction down, and then draw a trendline which once broken, we can enter long.
Stop Loss: Below the last low to be created.
Target 1 : Risk Reward 1:2
Target 2: 1.6260
You can get more trade ideas by joining my club for free now. You can enroll today using our Broker Sponsorship project here:
You can also get one of my strategies free of charge using the same Sponsorship project.