Trend Continuation Trade (GBPAUD)
Hi guys,
this is one of the simplest setup that i trade. You can see price's created a new structure low, and now it is back to retest previous resistance that once broken could become support. After multiple red candles it's now formed a green candle right at that important level.
We can try a lonog, with stops just below the low, target1 at .618 of the previoous downward move, second target to be determined.
If you want to ask questions, feel free to comment below.
Otherwise, see you in the next chart!
this is one of the simplest setup that i trade. You can see price's created a new structure low, and now it is back to retest previous resistance that once broken could become support. After multiple red candles it's now formed a green candle right at that important level.
We can try a lonog, with stops just below the low, target1 at .618 of the previoous downward move, second target to be determined.
If you want to ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: target reached
First target hit! Stops to breakevenNote
Check price action when it reaches yellow box. In case of opposing signal, i'll exit:Trade closed: target reached
Exited the second position at roughly +500 pips:
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