GBPAUD 1H (2618 trade setup) AT X@2.02977 WITH STOPS AND TARGETS
The market has found support (again) at 2.026xx illustrated by the DOUBLE BOTTOM. Using the 2618 trade setup I will buy the 61.8 fib retracement of the double bottom if the price gets to this level.
1. Stops will be placed at the 1.13 fib drawn from point C to B. This places stops below the support zone.
2. Target 1 is slightly below the candle high at point C.
3. Target 2 is slightly below the minor resistance zone at point A.
4. Target 2 stop is moved to breakeven when target 1 is reached. Target 2 stop is trailed using the DNC indicator once moved to breakeven.
Lets see if support holds again.
1. Stops will be placed at the 1.13 fib drawn from point C to B. This places stops below the support zone.
2. Target 1 is slightly below the candle high at point C.
3. Target 2 is slightly below the minor resistance zone at point A.
4. Target 2 stop is moved to breakeven when target 1 is reached. Target 2 stop is trailed using the DNC indicator once moved to breakeven.
Lets see if support holds again.
I may trade all, some or none of the ideas posted. All of my contributions are for educational purposes only. 'TRADE What You SEE'' and all the best!