GBPAUD - SHORT - 5 TO 1 WIN VS RISK - POTENTIAL TRADEHello all
With GBPNZD moving lower (gradually on a related trade) I am looking for AUD strength too. I think the recent break out lower on AUDUSD is a bear trap and in turn will go higher. In turn, I expect GBPAUD to go lower.
On reviewing the price action, It has printed a Bearish Butterfly pattern on the 1 hour chart at a good level and in turn I do expect this to start to cycle lower. it has just printed a 1 our engulfing bearish candle
Quite a tight stop and I have reduced my risk due to this so instead of having my stop above the swing high for 1%, I have placed it as indicated - same lot size however only risking 0.5%
I can still win the same however I'm reducing my risk by 50% of the normal capital amount. 35 pip instead of 70 ish pips.
If the low of the 1hour candle is broken, I will be in the trade
Lets see how it plays out.
thanks for looking
Duncanforex.com coming soon
