GBPCAD has a beautiful channel on daily, and we reached the support area, there is Bullish engulfing candle on daily time frame, And I decided to go long with stop loss 1 ATR below the previous candles low, I am aware that we still did not reached the stronger support line but I am willing to risk 1 percent on this beautiful Bullish candle. Also Stochastic(14,3,3) has a buy signal for me. On weekly Stochastic is at oversold area I can hope for a buy signal on the weeks ahead(But It might not happen, who knows!). Also this trade has some juicy risk to reward ratio :) , If this trade fails I will be looking for another buy setup maybe at lower stronger support.
Always manage risk or risk will manage you :)
Take care stay profitable!
Always manage risk or risk will manage you :)
Take care stay profitable!