GBP/AUD SETUP - possible entry and stop loss included
Updated
Hello all,
I have a potential short setup for you.
A bear flag has emerged on the GBP/AUD pair on the 4 hour chart.
Enter on a breakdown of the bear flag.
_______
(possible) entry: 1.7683
(possible) stop loss: 1.7790
(possible) 1st profit target: 1.7620 (pivot low of the trend leg)
--from there on trailing stop losses accordingly--
______
Remember, only use this trade idea in line with YOUR OWN trading strategy. This is the bare bones of an idea that should only be implemented in conjunction with your own trading system.
Also, PLEASE KEEP IN MIND the ongoing Brexit developments which may lead to unpredictable fluctuations in price. In particular, the two leading candidates in line to become Prime Minister next week have both publicly stated that they are open to the idea of a No Brexit situation concerning the October 31 deadline. This has caused some political friction within the UK Parliament and with the EU.
Happy trading!
I have a potential short setup for you.
A bear flag has emerged on the GBP/AUD pair on the 4 hour chart.
Enter on a breakdown of the bear flag.
_______
(possible) entry: 1.7683
(possible) stop loss: 1.7790
(possible) 1st profit target: 1.7620 (pivot low of the trend leg)
--from there on trailing stop losses accordingly--
______
Remember, only use this trade idea in line with YOUR OWN trading strategy. This is the bare bones of an idea that should only be implemented in conjunction with your own trading system.
Also, PLEASE KEEP IN MIND the ongoing Brexit developments which may lead to unpredictable fluctuations in price. In particular, the two leading candidates in line to become Prime Minister next week have both publicly stated that they are open to the idea of a No Brexit situation concerning the October 31 deadline. This has caused some political friction within the UK Parliament and with the EU.
Happy trading!
Trade active
The bear flag has broken down. Price has consolidated enough to also trade it on the Daily chart
Trade closed: stop reached
Our stop loss was hit following sudden major weakness in the AUD.
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