GBPAUD - TRADE SETUP
13:50
Price has been ranging 25-30 pips for the last five hours or so. We are approaching 15:00 in London(10:00 New York), a time when price normally start moving. I hate taking breakouts so i'm hoping that price retreats to the 1.9610 mark where i can take a buy position.
Support level established.
We made a higher higher - break of downtrend structure
Waiting for the higher low for entry with a 30-35 pip stop below.
If price breaks lower and retests break out area before taking me out, i will exit trade at break even or with a small loss.
Where will price go?
First targets are the 50%-61% levels 1.9730-1.9750
We have supply area above and buyside liquidity at the top level.
Price has been ranging 25-30 pips for the last five hours or so. We are approaching 15:00 in London(10:00 New York), a time when price normally start moving. I hate taking breakouts so i'm hoping that price retreats to the 1.9610 mark where i can take a buy position.
Support level established.
We made a higher higher - break of downtrend structure
Waiting for the higher low for entry with a 30-35 pip stop below.
If price breaks lower and retests break out area before taking me out, i will exit trade at break even or with a small loss.
Where will price go?
First targets are the 50%-61% levels 1.9730-1.9750
We have supply area above and buyside liquidity at the top level.
I did not have a buy limit order and missed this price unfortunately but entered a buy at 1.9630.