GBPCAD now is at the top of H4 pennant structure. Whats interesting here, is it reach this area with structural approach while forming multi TF ascending channel structure. Its usually signaling for a turn to the downside from this area targeting up to the bottom of the pennant structure.
I’ve already set my sell entry with sl above the pennant structure trendline. Lets see how this pair will play out..
Trade closed: stop reached
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Update on GBPCAD trade that I shared before. This trade finally hit full SL at -1%. There is nothing we can do about this. Loss is part of forex trading. What we can do is we stick to our plan that we know have an edge. Overall, I still expect GBPCAD to move to the downside. Now, it seems like this pair is forming a bigger. more complex corrective structure and I must wait for another confirmation before consider to reentry in this pair.