Carl_G
Short

GBP/CAD: Almost 1:5 Risk to Reward Ratio

FX:GBPCAD   British Pound/Canadian Dollar
Looking at GBP/CAD             on the daily time frame price have made its first bearish leg, pullback is now for selling as I am looking to trade the second leg down. On the 4 hour chart MIDAS R1 (launched from 2016-08-03 12:00) have successfully captured the pullback together with a TD-Price Flip on the 1 hour chart. This potential trade setup have a great Risk to Reward Ratio of almost 1:5 giving this the top spot on the watch list for next week.

MIDAS Trading Tools for MT4 is available to download @ MQL5.com
I think that there is a bounce in progress from strong support at 1.72568 with several reversals and I expect it go up and test 1.73517 FIB 61.8 and perhaps all the way to 1.759. Then, we should wait for the evidence of B/O or a bounce on a shorter time frame. Good luck anyway.
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