Price has been in a long term uptrend on this pair, but recently it had broken the uptrend line and pulled back close to the 38.2 fib zone again.
Price could still fall a bit more but at this moment I am expecting the buyers to step back in as I have a golden cross about to form on the 1hr chart, and price is coming out of the oversold area of the rsi on the 4hr timeframe.
Here is the play I will be making on this pair:
PAIR = GBP/CAD
ORDER TYPE = BUY STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 1.71393
STOP LOSS = 1.70893 - 50 PIPS / $5 LOSS
TAKE PROFIT = 1.72501 = 110 PIPS / $10.10 GAIN
Price could still fall a bit more but at this moment I am expecting the buyers to step back in as I have a golden cross about to form on the 1hr chart, and price is coming out of the oversold area of the rsi on the 4hr timeframe.
Here is the play I will be making on this pair:
PAIR = GBP/CAD
ORDER TYPE = BUY STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 1.71393
STOP LOSS = 1.70893 - 50 PIPS / $5 LOSS
TAKE PROFIT = 1.72501 = 110 PIPS / $10.10 GAIN