Potential long on wave 5 from the lower band of channel..

Hi Traders, this is my plan for this pair, if the all conditions will be met I will enter (or might not). Make sure you follow me all updates will be shared here from opening until the close of the trade. Don´t hesitate to comment with any questions and hit like for the support.

Reason:Britain has cut the interest rates and is hardly hit by COVID.The Bank of Canada has cut the rates again and the Canada is very exposed to the global trade which is completely down due to the COVID19. COT the hedge fund has reduced the shorts positions on the USDCAD and it flipped to the positive net positions numbers 4 weaks ago. Overall it looks better for the GBP.

Technical: Price is moving to the lower band of the channel while creating accumulative wave 4. Lower band of the channel could hold as ta support. Buy on the bounce.

FX Hunter Strategy is based on mainly watching the big picture of overall world economy and dividing the FX pairs in to couple baskets.Following the volume of big players ( COT by CFTC) and tick volume helps to see what the market movers are doing. Parallel channels, Supply / Demand and Market Profile are used to determine levels of interest for the trading. Slight usage of Elliot waves for the market structure.

Trade active:

Comment:

SL to Break even + 250 pips running

Comment:

+314 pips running