Looking for some Bullish Momentum on GBPAUD
Updated
Market Breakdown & Trade Analysis on GBPAUD
In today's trade analysis and breakdown I will be using the letters A-G to represent our multiple confirmations. With the Power of Confluence, Lets Begin.
On GBPAUD we've identified our Key Levels represented by the Daily (Red), 4HR (Orange), and 1HR (Green) Horizontal Lines. As we uncover this analysis we will be using our Levels as a reference to potentially look for Targets and Manage our Trades. Letters A & B represent the 2 highest points on our chart where we have drawn a Downward Trend line. At Point C GBPAUD broke the Trend line and finally came down to do a retest at Letter D. Considering the broken trend line and retest I will be looking for Bullish Confirmations. Next to Letter E we have a Bullish Reversal Pattern Known as an Inverted Head & Shoulders, with Letter F being our Neckline and Zone. Keep in mind in the Zone there is a 4Hr level. With the Bullish momentum kicking in and the Inverted Head and Shoulders applying, I will be using the length the Head (Dotted Line next to Letter G) of the Inverted Head and Shoulder to find Targets with our Analysis.
Since I'm Looking for the Market to break above our Zone, a Buy Stop Pending Order @1.77 works great. Since I want this Market to Push straight towards our 3 Targets which are listed below, having a minimal Risk Stoploss of 40 Pips at 1.766, falling below our zone and H4 Level should be a great protection. Below I have included details of the analysis.
GBPAUD Pending Details:
Buy Stop Pending Order Recommendation at 1.77 falling above our Zone
Stoploss Risk of 40 Pips at 1.766 falling below our Zone
Target 1- 1.776 (60 Pips)
Target 2- 1.786 (160 Pips)
Target 3- 1.791 (210 Pips)
In today's trade analysis and breakdown I will be using the letters A-G to represent our multiple confirmations. With the Power of Confluence, Lets Begin.
On GBPAUD we've identified our Key Levels represented by the Daily (Red), 4HR (Orange), and 1HR (Green) Horizontal Lines. As we uncover this analysis we will be using our Levels as a reference to potentially look for Targets and Manage our Trades. Letters A & B represent the 2 highest points on our chart where we have drawn a Downward Trend line. At Point C GBPAUD broke the Trend line and finally came down to do a retest at Letter D. Considering the broken trend line and retest I will be looking for Bullish Confirmations. Next to Letter E we have a Bullish Reversal Pattern Known as an Inverted Head & Shoulders, with Letter F being our Neckline and Zone. Keep in mind in the Zone there is a 4Hr level. With the Bullish momentum kicking in and the Inverted Head and Shoulders applying, I will be using the length the Head (Dotted Line next to Letter G) of the Inverted Head and Shoulder to find Targets with our Analysis.
Since I'm Looking for the Market to break above our Zone, a Buy Stop Pending Order @1.77 works great. Since I want this Market to Push straight towards our 3 Targets which are listed below, having a minimal Risk Stoploss of 40 Pips at 1.766, falling below our zone and H4 Level should be a great protection. Below I have included details of the analysis.
GBPAUD Pending Details:
Buy Stop Pending Order Recommendation at 1.77 falling above our Zone
Stoploss Risk of 40 Pips at 1.766 falling below our Zone
Target 1- 1.776 (60 Pips)
Target 2- 1.786 (160 Pips)
Target 3- 1.791 (210 Pips)
Note
Pending Activated 6/14 and Target 1 Has been Hit for +60 Pips
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