GBPAUD Daily TF - Long Trade Setup

GBPAUD is making higher highs and higher lows indicating an upward trend. The 10 day EMA is diverging from the 20 day EMA indicating increasing momentum. The last 2 candles tested and bounced off 10 EMA indicating 10 EMA holding as support. Last candle is Engulfing previous candle indicating a reversal in trend from a sideways trading range to the beginning of an upward trend. Last candle made a new closing high indicating buyers are starting to take control of the market. All these indications suggest GA is now ready to start moving higher. I have set my Entry at the high of the last 8 candles. Stop loss is set below the low of the engulfing candle. If price moves below this low then the setup is invalid. I have set my Take Profit for a 3:1 profit target. Upward rallies rarely move further than a 3:1 profit target before correcting. So after profit target is hit and take profit I will then wait for a pull back to enter another long trade.