Several days ago I posted about a potential long opportunity regarding the GBPCAD pair, you can see the link below, however the key to that trade relied on a daily close above the key technical level of 2.03300...a confirmation we never received. If you trade lower time frames there were clear opportunities to short this pair down to a potential I had already indicated, I hope that some of you were able to generate profits on just that. This potential is now very much a confirmed as the market has reacted to it a solid three times.
Due to the structure of trading this newly formed opportunity can be seen in 2 different ways. A break of the support of a larger , or if just using the last 6 days of trading a break on the lower time frames. I've indicated the upper resistance with a blue dotted line for the lower time frames (1 hour and 4 hour).
Sell Limit 2.00400 After a confirmed break - or Manual Entry
Stop Loss 2.01000
Take Profit 1: 1.9925
Take Profit 2: 1.9800
Please remember that we are still within this and even formation on the lower time frames and we do not have an entry to look for until we have a confirmed break, at which point we will look for a retest of previous .
Please do your own analysis before entering a trade. If you like what you see here or have questions, feel free to comment, follow or "like"