nakedchartist
Short

GBPCAD h1 right shoulder short of a head and shoulders

FX:GBPCAD   British Pound / Canadian Dollar
macd divergence looks a bit awkward but seems to be topping out at the channel near 8045, which is the level to hold until it day closes above.
If price clears this channel low, it is game for a new era. Our position should be safe when it breaches the channel, then towards, 1.78, then towards . 175. Will update again.
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nakedchartist nakedchartist
Well it did not, I will continue to keep the policy of always splitting up my positions and look to take at key "anatomy" of price pattern. In this case price did reach the trendline of the channel but was unable to break it. A disciplined approach must be adopted to continue to protect profits, especially in ranging situation. I do consider this type of big channels as being ranging, and i shld consider more of exception rather than norm that price shld break the channel( when it is big).
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