aa3381
Long

Bullish Continuation

FX:GBPCAD   British Pound/Canadian Dollar
131 5 0
1. I have PB             in the direction of the trend on Daily chart .
2. PB             rejected 21 EMA .
3. Closed above event area of 1.63851.
4. Next resistance is 1.68000, there is my TP, 300 pips or 1/3 RR.
5. The pair is broke out of range after 1.63851.
6. I have 5 edges so also 51% chance. We will see.
Closed at 1.67500. Wait now for bounce against the resistance and retracement to 8/21 EMA or a countertrade if 1.68000 gets rejected.
Reply
Thanks for your advice, but I do not use any indicators except for EMA's as dynamic S/R. Thats my method, pure Price Action.
Reply
Well, you should. Just a friendly advice, GBPCAD took a nose dive, banked about 1400EUR on this one. The RSI shows you what the market will do. If you have a divergence with the RSI, you should respect that.The retrace from the last leg up is currently on the way to 38.2, 60+ pips.
Reply
Hi, I only use EMA's as you can see, so I cannot answer your question, unfortunately.
Reply
Did you see the strong bearish divergence? RSI for example?
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