GBPAUD - LONG, LONG TERM
Now this might take a week or 2 but let me explain what I hope to see play out..
the red box is the area inbetween my 50 and 61% fib level. I'm going to let this down trend play out for a bit. Once a candle is in the red zone i'm looking for a bullish engulfing candle to note me trend over, back to being LONG. For extra confirmation i'm looking for a candle to close above 1.838...
I've marketed 1.8627 as my area to be cautious of because that my 38% fib line. Could be an area where candle struggles to break.
Once in the trade i'll be looking at my 3 target areas highlighted in blue and green.
Unlike most times were I use measured range. I used the extended fib levels to give me these areas.
Target 1 - 1.92932
Target 2 - 1.97731
Target 3 - 203542
Once in this trade, i will be moving my stop lose accordingly to lock in profits in case it doesn't payout as anticipated.
These targets are for LONG term and may take a while to play out.
Brief..
Waiting for a bullish engulfing candle to close above 1.838. My first targets 1.92932, looking out for 1.8627 area. Moving SL accordingly to lock in profits. This may take a while to setup
the red box is the area inbetween my 50 and 61% fib level. I'm going to let this down trend play out for a bit. Once a candle is in the red zone i'm looking for a bullish engulfing candle to note me trend over, back to being LONG. For extra confirmation i'm looking for a candle to close above 1.838...
I've marketed 1.8627 as my area to be cautious of because that my 38% fib line. Could be an area where candle struggles to break.
Once in the trade i'll be looking at my 3 target areas highlighted in blue and green.
Unlike most times were I use measured range. I used the extended fib levels to give me these areas.
Target 1 - 1.92932
Target 2 - 1.97731
Target 3 - 203542
Once in this trade, i will be moving my stop lose accordingly to lock in profits in case it doesn't payout as anticipated.
These targets are for LONG term and may take a while to play out.
Brief..
Waiting for a bullish engulfing candle to close above 1.838. My first targets 1.92932, looking out for 1.8627 area. Moving SL accordingly to lock in profits. This may take a while to setup
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