GBPAUD Long
Direction: - Just started a Bullish Cycle a day prior, so I was only looking to go long.
- Both higher time-frame, H1 & H4 MBL started to point upwards, indicating trend was Bullish.
- Other GBP's, which are correlated, were also in a Bullish Cycle.
- Divergence on the H1 from the reversal, indicating a change from a Bearish to Bullish Trend.
Entry: - Low held for multiple hours, with candles pinning the low and not closing below. The price action indicated the day's low was not going to be broken.
- I entered the trade once the candle went above the 13 EMA, as this showed a confirmation for a rise.
- MBL (Market Base Line) was leaning upwards on the M15.
Exit: - 26 pip SL @ 7 pips below day's low.
- 38 pip TP 1 @ just below YH.
- 57 pip TP 2 @ RSI cross over on the Signal Line.
Direction: - Just started a Bullish Cycle a day prior, so I was only looking to go long.
- Both higher time-frame, H1 & H4 MBL started to point upwards, indicating trend was Bullish.
- Other GBP's, which are correlated, were also in a Bullish Cycle.
- Divergence on the H1 from the reversal, indicating a change from a Bearish to Bullish Trend.
Entry: - Low held for multiple hours, with candles pinning the low and not closing below. The price action indicated the day's low was not going to be broken.
- I entered the trade once the candle went above the 13 EMA, as this showed a confirmation for a rise.
- MBL (Market Base Line) was leaning upwards on the M15.
Exit: - 26 pip SL @ 7 pips below day's low.
- 38 pip TP 1 @ just below YH.
- 57 pip TP 2 @ RSI cross over on the Signal Line.