Saravan
Short

GBPCAD Reversal Price Action. Good for 200 Pips.

FX:GBPCAD   British Pound/Canadian Dollar
58 3 3
Hello Traders,
There are several reasons to short this pair.
The daily candles are bearish for the past couple of days at this resistance zone . The price action is good to go for a short trade.
The reversal zone is previous structure support turned resistance now and also at 61.8 fib.
RSI Divergence in 4 hour chart.

I shorted this pair at 1.8730. It's good to short from 1.8690. Stop loss should be above 1.8765 and the first target will 1.8500 which gives nice RR.

Good Luck!

snapshot

Comment: 100 pips down already. These cross pairs move faster and give less wait time for each trade than EURUSD, the supposed to be the most traded pair, which is very slow moving these days.
Hello Saravan, nice to meet you here. Your idea and analysis is good. I'm a greener green, but I can see your good work. I liked to follow more on your idea and learn something as well. THANKS for your sharing. BTW, when you say TP1 is 1.85... do you move your remaining portion SL to B/E usually?
Reply
Saravan gcplau
Hi, Thank you and nice to see your comment. When I take counter trend trades, I usually have only one take profit.
When I take a trade with trend, I move my stop loss to BE after first TP. But it mostly depends on price action and volume.
In this particular trade, I closed all my position at 1.8510.
Reply
gcplau PRO Saravan
Thanks, learnt something now.
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