IvanLabrie
Short

GBPCAD: Trend reversal?

FX:GBPCAD   British Pound/Canadian Dollar
I think this is the case here.
We have reached the profile point of balance projection from the low to the longterm mode of this uptrend.
As expected, price sharply reversed in one day, consuming almost 3 days worth of progress.
I'm waiting for the daily close to enter short, will update the chart once I'm ready, also adding 4h charts to better illustrate the price action that supports my thesis.
I think this is a very good trade, potentially worth risking 1% (my full position allocation).
Entry will be divided in two with a partial TP to make the rest of the trade risk free.
Good luck,
Ivan.
Trade closed: target reached: Perfect, moving along as planned.
Comment: :)
Not yet..
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Illustrate me please.
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ChetanFX IvanLabrie
It is still holding the trend line.
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Trendlines are considerably subjective.
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ChetanFX IvanLabrie
yes, lets see..
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ChetanFX IvanLabrie
Sustained break of today's low will drag it more down otherwise back up again..
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Selling under today's low with an ATR stop isn't a bad idea.
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I think its another way around, current correction could be a good long entry. But, price now at the key support and if/when broken then I'd consider it as a potential reversal down
+1 Reply
snapshot


Waiting to sell on retracement soon, probably before the 27th.
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Placed two orders:

#1 sell limit 2.07237, SL @ 2.09133, TP @ 2.05341
#2 sell limit 2.07237, SL @ 2.09133, no TP

1% risk total.
Let's see how it goes.
+2 Reply
Well done! this pair has a huge potential decline.
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IvanLabrie PRO FullTimeTrader
Let's see how it goes, looks promising.
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Great call! still a lot of opportunity to short pullback
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Hey Ivan, you probably entered right at the top of a potential reversal. All the BEST mate :)
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IvanLabrie PRO moneymaking
Sadly, no, I didn't catch it.
I removed a lot of pairs from my portfolio though.

Got these left:

-FX: usdcad, eurusd, usdjpy
-CFDs: Gold/Silver, S&P500 , front month oil futures, Dax, DJIA
+1 Reply
moneymaking IvanLabrie
Whaoo, I actually did the same thing as you mate. I was also looking at way to many pairs, which lead to unnessecary losses, especially during the month of August. Need to stay diciplined, it's really easy to get off track. You will probably make a killing on usdcad short. All the BEST mate :)
+1 Reply
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