GBPAUD double News retracement trade +204 Pip potential
Updated
Had major news on Both currencies in this pair. UK parliament vote on Brexit sent GBP down and a better ten expected AUD CPI sent AUD up. This setup will try an harness both results
I am using fib levels using the Pre Uk vote price (which is not the daily high) and the low after the Aud news (which still may change so we will have to re draw the fibs)
Using 2 even entries at the following fib levels:
.382 = 1.8284
.50 = 1.8307 (yes I know it's not a real fib level)
I do not expect this market to retrace more than .50 (which is where the Kejun Sen = Bold Blue line will probably be)
Stop = 1.8353 and will tighten as we keep it 10 pips above the Kejun Sen
Risk = 58 pips
Profit Target = 1.618 ext. = 1.8091
Reward = +204 Pips
Current RRR = 3.5 - 1
I am using fib levels using the Pre Uk vote price (which is not the daily high) and the low after the Aud news (which still may change so we will have to re draw the fibs)
Using 2 even entries at the following fib levels:
.382 = 1.8284
.50 = 1.8307 (yes I know it's not a real fib level)
I do not expect this market to retrace more than .50 (which is where the Kejun Sen = Bold Blue line will probably be)
Stop = 1.8353 and will tighten as we keep it 10 pips above the Kejun Sen
Risk = 58 pips
Profit Target = 1.618 ext. = 1.8091
Reward = +204 Pips
Current RRR = 3.5 - 1
Note
adjusting the Fibs, the current trade parameters are:1st Entry = .382 = 1.8263
2nd Entry = .50 = 1.8290
Stop = 1.8333 (which is 23 pips above Kejun Sen to account for this pairs volatility
Order cancelled
Right thought process, just didn't get a pullback and an entry
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