GBPAUD- DOUBLE BOTTOM
Updated
GBPAUDshows Double Bottom (Adan&Adan)- We are in an mayor Uptrend, so its ok to trade its an Up-breakout.
Pattern formed after a minor downtrend
Second bottom is little bit upper than first, so chances increase.
Measure rule from the HH to LL of the pattern. Transfer that measure from the breakout point and above.
We see the pattern when it broke and come back inside the pattern, so we set a pending order to buy if price reach the neckline.
SL in the second bottom.
TP2 set using measure as explain above
TP1 is 50% TP2
Once price reach TP1 we move SL to 40 % (10% below TP1)
Trade active
SL moved to the next higher low in case trade go wrong as it seems price is reaching a resistance with a double top and can bounce back.Trade active
TP1 HITSL moved to 40% Profit - 2.01575
Trade closed: target reached
Price decrease after hitting TP1 and reached our new SL - 2.01575.Trade closed with 40% of the proyected profit.
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