AUDUSD – 0400

At the moment I have a pending position at 0402 to go LONG. With SL being at 0356, targeting 0540 this might be a little longer term trade. If broken strongly, it can go fairly quickly. Reasons behind this are:

PROS:
– overall market is bullish from H4 perspective and running towards the higher part of the DAILY range
– market is structuring a nice triangle creating HL
– the level 0400 is getting weaker
– closest resistance at 1R soonest

CONS:
– market will consolidate and create a retracement
– market is holding below 50% retracement from 0621
– overall weekly trend is bearish

Take it or leave it, I like the RR and the picture.

UPDATE: I have exited the EURGBP position at +0.3R. It has reached 2R and then strongly reversed.

UPDATE2: my entry in AUDUSD was triggered but my target wasnt reached. I have exited the trade with a -0.6R loss.