GBPAUD 18.3.12.png

This trade begins with the daily where I noticed a test of the D50 EMA upon close. Price has been in a range 1.765 and 1.79 for an extended period of time and I was looking to play this long if I saw positive confluence.

GBPAUD 18.3.12 1H.png

Digging down to the 1H chart, we can see price initially bounce off the 1.765 support level a number of times and then retrace to the 1H200 & 1H50 EMAs. With this in mind I entered the trade long with a stop below the support level targeting the range high.

GBPAUD 18.3.12 1H Result.png

Following trade entry, we saw a strong move up to the top end of the range and I decided to let the trade play out a little more to see how far it could get to. I exited on a slightly premature double top to secure a 2.02% trade.

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