GBPAUD 4hr Long Trade Opportunity

7 mar 2018

Possibility of upside move resumption in wave (3) of iii of (iii).

Wait for break of the triangle formation and prices closing above the triangle and 4 hr bullish candle being formed above the triangle after break of triangular resistance line.

Entry point: 1.8
TP1: 1.839 (between 1.618 and 2.618 extension level of wave (3) of iii of (iii) --> 50% position
TP2: 1.856 (below the 1.618 extension of wave iii of (iii) --> 25% position
TP3: 1.885 (below the 1.618 extension of wave iii --> 25% position

SL: 1.77 i..e below the triangle support line
Move SL to 0 after hitting TP1

Before entering ensure that - prices close above the triangle - there is atleast one bullish candle opening and closing above the triangle - EMA is below the candles -Stoch is above 20