2018May18 GBPAUD H4 Trend Continuation

GBPAUD has broken from the support of the long term uptrending diagonal channel (which started around November 8, 2017). There is a descending triangle for this currency pair which is in confluence with my bearish bias. As such, I am waiting for a candlestick to break and close below the horizontal support at 1.79152. Stop loss will be based on ATR x 2 while the take profit target shall have the same number of pips by default.

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Here are the specifics of the trade idea I came up with. GBPAUD opened with a gap down but was able to close that gap within the same candle. So my price entry is now the close of today's 1st H4 candle. I am setting a sell limit at 1.79157. I plan to manually cancel the trade if price goes to TP1 before getting triggered.

Trade Setup: Trend Continuation
Price Entry 1.79157
SL 1.80207 | SL pips 105.0
TP1 1.78107 | TP1 pips 105.0
RRR1 1.0

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TP1 hit! :) (May 21)