GBPAUD: Pound/Aussie has bottomed

After an extended decline since the 2015 high, it appears like GBPAUD has hit rock bottom.
I'm long from 1.85243, and added today at 1.85526.
I expect price to retest the low volume resistance at 2.00 in the intermediate term, and possibly aim for new highs if we break this level in time.

If you're not in the trade, try to enter at market with a 3 times the daily ATR stop loss, and add the remaining half position if we get a retracement next week (unlikely).
This type of trend reversal trade, usually involves no retracement, and people eager to 'long the trendline break retest' get left behind eating the pioneer's dust.
So, be brave and buy strength!

If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.

Cheers,

Ivan Labrie.

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(note: that's a speed line, not a trendline!)

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Interesting gap, I hope you took the trade last week, if not, look into buying a retracement later today. Probably doable by London close with some luck.

การซื้อขายยังคงดำเนินอยู่:

Good progress, looking to add again.

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I have bought at 1.85243 initially, added 4 times already. Closed partially once too.
The Australian CPI news gave it a nice boost and we have expanded the daily range again today.
The upside here is inmense. If you're still waiting for a pullback, trendline retest, etc., have fun waiting I'll see you at the top.

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(that being said, once this fast move up is done, we will get a sideways range and form a daily mode, which should take at least 2 weeks before the new sharp rally starts, there's plenty of time to profit from GBPAUD's uptrend)

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I've closed my additional entries and kept my lowest ones. Risk is null on those. If not in, wait for the consolidation to end, and a new uptrend signal to emerge, for the time being, nothing to do here.

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"If you're not in the trade, try to enter at market with a 3 times the daily ATR stop loss, and add the remaining half position if we get a retracement next week"

Did you follow my advice? Price was 1.8662, and a 3 atr stop would have put your stop at 1,8062 more or less.
The retracement happened this week, before the RBA announced a rate cut, so you had to add to the trade with the same stop loss there. (I did)

Leave a comment below. If you didn't take it, next time ask what ATR is, and how to determine the 3 ATR stop loss. It is conservative, but very good for long term positions.

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Anyone still here?

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"This type of trend reversal trade, usually involves no retracement, and people eager to 'long the trendline break retest' get left behind eating the pioneer's dust.
So, be brave and buy strength! " You can see why I said this.