Swing Trading Strategy GBPAUD – 1st May 2019

GBPAUD has been heading towards the North by creating an ABC pattern on the H4 chart. The pair seems to have started having a correction as well. There is a level nearby which has the potential to be the level of potential level of support. If that really happens, and it ends up producing an H4 bullish engulfing candle, then the buyers of GBPAUD would be waiting for a breakout at yesterday’s highest high to go long on the pair again. Let us have a look at the H4 GBPAUD chart.

This is another trade idea generated by the Elite Swing Trader.

As we see on the chart that the price went up to the level of 1.84435 and then started having a long correction. By making an engulfing H4 candle, it broke that level of resistance and went up to the level of 1.85330. If the price comes back to the level of 1.84435 and produces an H4 bullish engulfing candle, then an H1 breakout at the level of 1.85330 would push the price to go towards the level of 1.86755. Let us have a look at the summary of the trade…

• Buy Stop Order: 1.85421
• Stop Loss: 1.84708
• Take Profit: 1.86700

ABC pattern is one of the most frequently produced trading pattern in the financial market. A very good risk and reward ratio is offered by this pattern. The winning ratio is excellent as well. The best thing is it works well almost on all the time frames. However, it works best on the time frames such as 5M, 15M, 1HR and H4.

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