GBPAUD Potential Long Trade Opportunity : October 19th

We look for a LONG trade opportunity on GBPAUD.

Chart Time Frame: Daily

Pattern: ABCD and Cypher 50

Current price of GBPAUD is 1.67057

Explanation: After Bearish Cypher Harmonic Pattern, Price is approaching the Fibonacci 50% of C to D movement. This is the H-50 pattern completion.

And almost at the same level, we see a perfect ABCD pattern.

Our area of interest to enter the LONG trade is 1.66800 – 1.66600 with stop loss 1.66150.

First Target: 1.67700

Second Target: 1.69000

Third Target: 1.69600 / UPDATE

This a good trade opportunity with a good risk rewards ratio and based on  2 different patterns.

I recommend entering with small size and add more with the confirmation of the formation.

Good Luck

If you have any question about the setup please leave a comment.

UPDATE: GBPAUD is being priced at 1.66800 Currently. Price reached our area of interest. Wait for the H4 Closings above 1.16700 to enter the trade. H4 closing below 1.16600 will invalidate the setup. I will update when the setup is executed. 

EXECUTED AT 1.66900 October 20th

UPDATE1: GBPAUD Hits the first target. Profit so far: 80 PIPS. Close %40 of your positions move SL to entry and wait for the next target as usual.

UPDATE2: Hits second target with 210 Pips. Wait for the 3rd target

UPDATE3: Hits third target with 270 pips. AUD weakens after weak Q3 CPI and we revise our target for this trade 1.70800 and 1.71500 , 1.72200, 1,73300

UPDATE4: Hits TP3 1.70800 with 400 pips. Continue for the next targets.

UPDATE 5: Hits 1.71500  with 480 pips

UPDATE 6: Hits 1.72200 with 550 Pips. You can close some part of your positions and make profit realisation. Pullbacks are buying opportunities. I will publish a detailed trade idea on GBP futures.

 

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Warning: All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases.

If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.

WARNING ABOUT TRADE IDEAS

  1. We enter trades on different pairs and we look for other trade opportunities. So we recommend you to enter trades with the smaller size.
  2. Do not exceed 10% margin.
  3. Stop Loss and Take Profit Levels are +/- 15 pips minimum.
  4. If we do not publish an update close the 40% of your position on the TP1 level and move your stop loss to entry level.
  5. Some trades ( especially with 300-500 pips profit target) can take 5-6 days to hit the targets. If you do not have patience, do not enter the trade.
  6. Our aim is to close each with week 2500-3000 pips profit minimum.
  7. If we mention as “pullbacks are buying/selling “ opportunities and we publish pullback levels, you do not need to wait for a signal from us. Use these opportunities at the mentioned levels.
  8. All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases. If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.
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