informedtrades
Short

GBPCAD Reversal Candlesticks at Resistance and 50% Fib Line

FX:GBPCAD   British Pound/Canadian Dollar
48 2 0
A nice setup on GBPCAD             , in which price is stalling at resistance -- i.e. the daily range is getting narrower, volatility is contracting -- which is coinciding with a 50% Fibonacci retracement as well as the 50 simple moving average . With these signs in place, as well as signs of CAD strength across the board, I'm shorting GBPCAD             at 8390. My stop is at 8495, with my target profit at 7990. This means I'm risking 105 to gain 400, which comes out to a reward/risk of about 3.81.

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It looks like 8200 level could provide some decent resistance. Would you take half off at that level and change the rest to breakeven?
+1 Reply
informedtrades TradersClassroom
i don't know if i'd take half off -- i try to avoid doing that unless talking half off nets me 1.5X the amount i risked -- but i might if there are reversal signs and the profit is large enough. on this trade, though, i'd probably just move to breakeven at 8200 and leave the whole position on.
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