GBP/AUD Long Trade Setup

GBP/AUD – 9.20.23

Quick overview our current setup:

In our current HTF uptrend, we have just mitigated a HTF demand zone. On the lower time frame, we formed a double bottom and are approaching a minor CHoCH. Once this CHoCH breaks, we will look to enter a long position on a mitigation of our LTF demand zone. This will get us in the trade for a potential BOS.
- This would yield us a roughly 1.97 R:R on our TP1
- This would yield us a roughly 8.88 R:R on our TP2 (LTF Supply zone)

Confluence:
1. HTF uptrend
2. LTF demand zone mitigation
3. LTF double bottom
4. Approaching LTF CHoCH
5. MACD Bullish Divergence

Happy Trading!