News event for the day that could affect this trade

.(AUD) Employment Change, Unemployment Rate
.(GBP) BOE Interest Rate Decision

PS: I’ll placed stop order right before the news and would not risk more than 1% of my account on this trade.


GBPAUD is at daily low and price is being squeeze at the end of channel with continuous divergence on all TF. I'd look for buying opportunity on smaller TF.


On 4hr, price is trading at WM1 - bears profit taking zone for the week. I dont see any buy setup for now. However, with BOE rate decision due to be released hours from now, I'm placing a buy stop order at the top of 4hr structure. During the news event, If price spikes up and trigger my stop order, that would be a quick 2:1 risk reward trade towards top of the channel. If it spikes down, I wont be in the trade. Trade safe

One thought on “GBPAUD Daily Buy Setup – 16th March 2017”

  1. Charles Bidner says:

    Well done Joe, I was not on this trader but you read it well. Congrats!

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