GBPAUD is putting in a Wedge Pattern on the 60min time frame. These Wedges typcially end in good breakouts. I will be looking to trade this breakout in either direction. This pair has been very bearish as of lately, so I would like to see it break to the downside.
Entry - I will be waiting for a Break & Close out of the wedge and will be looking to buy/sell on a quick retest of the Wedge Pattern.
Targets - Target #1 will be equal to the height of the wedge (Orange lines on the chart).
Stops - These can be placed many different ways.. I put my stops 1 ATR above/below the Breakout Bar.
Good Luck!
Entry - I will be waiting for a Break & Close out of the wedge and will be looking to buy/sell on a quick retest of the Wedge Pattern.
Targets - Target #1 will be equal to the height of the wedge (Orange lines on the chart).
Stops - These can be placed many different ways.. I put my stops 1 ATR above/below the Breakout Bar.
Good Luck!
