pkealoha76
Short

GBPCAD-Short Trade Homework

FX:GBPCAD   British Pound / Canadian Dollar
This pair has been great to me last week. Trading smaller time frames has been nice. I don’t have to suffer larger drawdowns. Smaller chunks of profits and larger lot sizes 25-50 pips net a day has been a lot easier emotionally. Trading no more than 2 pairs concurrently. Anyways. I’m going Short this trade when the market opens. The risk reward ratio looks good with a potential to go lower! I might open up 2 positions. A shorter term to scalp profits and let the other ride the what I believe is a wave 4 retrace to the .382 Fibonacci Level. Maybe even to the 50% then see if it goes up to form the wave 5? The thing throwing me off is that what I’m calling the end of wave 3 it hit the 1.618 Fib extension, but there’s already divergence in the Oscillator like a wave 5 would have. Maybe the last bump up there was a failed 5th on the lowest time frame? Anywho... end of wave 3 or 5 it’s ready for a retrace to the downside anyway. Aloha!

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