GBP/CAD - Short at 1.61900 on 9/2/19 13:40
GBP/CAD has been in a measurable downtrend on the daily chart since 3/25/2019.
Market Pivots also sloping down with 200 & 50SMA's.
After seeing a double top formation on the 4 hour chart a bear channel has developed.
After the Daily chart gave a 3-bar reversal confirmation, and after after gaining further confirmations from Stochastic & MACD - sell signals have been validated.
Executed short.
Market Pivots also sloping down with 200 & 50SMA's.
After seeing a double top formation on the 4 hour chart a bear channel has developed.
After the Daily chart gave a 3-bar reversal confirmation, and after after gaining further confirmations from Stochastic & MACD - sell signals have been validated.
Executed short.
Trade closed: target reached:
Correction: GBP/CAD was opened on 9/1/19 at 15:00 (pst).
All positions are initiated on 4 hour chart - Initial 2 lots with 1 more limit order lot set at 50% retracement.
Target #1 at 1 ATR was hit by 9/2/19 2:00.
Stop loss immediately tightened to breakeven plus 15% ATR, and trailed to near swing pivots.
Second half of trade position allowed to run until stop out or new reversal signal has been confirmed.
All positions are initiated on 4 hour chart - Initial 2 lots with 1 more limit order lot set at 50% retracement.
Target #1 at 1 ATR was hit by 9/2/19 2:00.
Stop loss immediately tightened to breakeven plus 15% ATR, and trailed to near swing pivots.
Second half of trade position allowed to run until stop out or new reversal signal has been confirmed.