Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
on Daily: Left Chart
GBPAUD is sitting around a strong support zone so we will be looking for buy setups.
Knowing that GBPAUD can still dive inside the support zone before trading higher.
That's why we don't buy blindly, we always zoom in to lower timeframes and look for the bulls to take over.
on H1: Right Chart
GBPAUD is forming a wedge pattern in red but the upper trendline is not valid yet.
So we will be waiting for a third swing to form around it to consider it our trigger swing.
Trigger => waiting for that third swing to form and then buy after a momentum candle close above it.
Meanwhile, until the buy is activated, GBPAUD can still trade lower.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
on Daily: Left Chart
GBPAUD is sitting around a strong support zone so we will be looking for buy setups.
Knowing that GBPAUD can still dive inside the support zone before trading higher.
That's why we don't buy blindly, we always zoom in to lower timeframes and look for the bulls to take over.
on H1: Right Chart
GBPAUD is forming a wedge pattern in red but the upper trendline is not valid yet.
So we will be waiting for a third swing to form around it to consider it our trigger swing.
Trigger => waiting for that third swing to form and then buy after a momentum candle close above it.
Meanwhile, until the buy is activated, GBPAUD can still trade lower.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
