IvanLabrie
Short

GBPCAD: Trend reversal?

FX:GBPCAD   British Pound/Canadian Dollar
2 years ago
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.
a year ago
Trade closed: target reached: Perfect, moving along as planned.
9 months ago
Comment: :)
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ChetanFX
2 years ago
Not yet..
Reply
IvanLabrie PRO ChetanFX
2 years ago
Illustrate me please.
Reply
ChetanFX IvanLabrie
2 years ago
It is still holding the trend line.
Reply
IvanLabrie PRO ChetanFX
2 years ago
Trendlines are considerably subjective.
Reply
ChetanFX IvanLabrie
2 years ago
yes, lets see..
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ChetanFX IvanLabrie
2 years ago
Sustained break of today's low will drag it more down otherwise back up again..
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IvanLabrie PRO ChetanFX
2 years ago
Selling under today's low with an ATR stop isn't a bad idea.
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IvanLabrie PRO
2 years ago
snapshot
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HiTech PRO
2 years ago
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
IvanLabrie PRO
2 years ago
snapshot


Waiting to sell on retracement soon, probably before the 27th.
Reply
IvanLabrie PRO
2 years ago
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
FullTimeTrader
2 years ago
Well done! this pair has a huge potential decline.
Reply
IvanLabrie PRO FullTimeTrader
2 years ago
Let's see how it goes, looks promising.
Reply
NickCoulby PRO
2 years ago
Great call! still a lot of opportunity to short pullback
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moneymaking
a year ago
Hey Ivan, you probably entered right at the top of a potential reversal. All the BEST mate :)
Reply
IvanLabrie PRO moneymaking
a year ago
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
a year ago
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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