selfrighteousgambler
Short

CADGBP POTENTIAL SHORT @~0.5360

FX_IDC:CADGBP   CANADIAN DOLLAR / POUND STERLING
I messed up the original post for this so I am trying again.

The Canadian Dollar             has rebounded well against the British Pound leaving a bigger picture demand zone below @~0.5140.

Price is now coming to an area where there might be a sharp decline away. This supply zone @~0.5360 is also the 50% pullback area of the original down move indicated by the red arrow.

Price should fall away upon reaching that zone.

Entry Point: 0.5360
Stop Loss: 0.5400
Profit Target 1: 0.5140
Risk: 40 pips
Profit: 220 pips (5.5X Risk)

Entry can be fine-tuned on the H1 timeframe for lower pip risk and greater profit margin as follows:

Entry Point: 0.5365
Stop Loss: 0.5375
Profit Target 1: 0.5140
Risk: 10 pips
Profit: 225 pips (22.5X Risk)

Entry Point: 0.5382
Stop Loss: 0.5400
Profit Target 1: 0.5140
Risk: 18 pips
Profit: 242 pips (13.4X Risk)
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