Forex Factory | Learn To Trade GBPAUD Buy?
so guys today we will analyze Forex currency pair GBP AUD!!
What I am going to to place Trade,
can you guess yes guys??
I am going to to buy GBPAUD so the reason is why GBP AUD is on BUY level ??
The first of all we will go into the chart of GBPAUD, and open the weekly time frame chart.
after opening the weekly time frame chart, click on the line chart line. Line Chart will tell you the exact support and resistance in GBPAUD. So after looking into the line chart you can easily understand that this is a strong support level for GBPAUD on weekly Timeframe. Weekly timeframe will work 110% so here we know that this is a very very strong support level for the GBPAUD so we will buy from this level.
Now you can also say that the market has given 100% retracement so this is our second condition is also satisfying now we will come to the daily Timeframe. In Daily time frame we can easily see that there is engulfing Candle has given closing on D1 just one day before now the running candle maybe it will give us hammer or pin bar so it will they will so it is a very easily indicate that market is now going to buy so still we will take the third confirmation so we will apply bollinger band of period 20 and deviation 2 and and shift 0 so as we apply the bollinger band we can easily see that the market is trying to buy now so all three conditions are satisfying over by nature of GPL so we will play Subway trade for buying on GBP so I am sharing that pics into the market.
Please follow the money management strictly and also use the 0.01 lot size into market for your safe account size so keep trading take care bye bye
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