Bullish trade idea for GBP/AUD.

Oct 28, 2021

I might be a little premature in calling this, but I think that this head and shoulders pattern that you can see on the 4H is now complete and that we should be seeing a trend reversal in the very near future. Price may take a little breather here and consolidate before pushing higher. I would like to see a retest at least once of the current support before I would consider an entry. Should the price continue to downtrend and stay within the channel then I will avoid taking the trade and wait for the next pullback. My R/R will be somewhat higher with this idea as I think that once the price has consolidated and begins the move up, that it will do so quite rapidly. Here are my entry, SL and TP

Entry - 1.83050
Stop Loss - 1.82595
Take Profit - 1.85947
Risk - 1%
R/R - 6

As always,
Stay safe and stick with your plan.

Oct 30, 2021

Note

Price broke below support and has closed there for the weekend. Going to keep an eye on this one and see where it leads over the weekend.

As always,
Stay safe and stick with your plan.