GBPCAD 500+ pip move potential
GBP has been dominating all week and is, imho, overextended.
GBPCAD is now at a Daily Resistance level that has been rejected 3 out of the last 4 times (75%)
Need to see compression on the 60 min chart below the resistance level and then
a strong bearish candle for entry.
Entry = not yet ???
the stop will be 10 pips (+2 for spread above the last swing high)
PT = 1.6668
* both sides of this pair have news release that will effect this trade. GBP retail sales at 4:30 est.which is forecasted for -0.8 which can easily be beat
and CAD CPI at 8:30 est .Please take this into consideration
** A more aggressive entry can be made if there is either multiple testing of the resistance level
or a tight compression below but at it, for at least 8 hrs.
GBPCAD is now at a Daily Resistance level that has been rejected 3 out of the last 4 times (75%)
Need to see compression on the 60 min chart below the resistance level and then
a strong bearish candle for entry.
Entry = not yet ???
the stop will be 10 pips (+2 for spread above the last swing high)
PT = 1.6668
* both sides of this pair have news release that will effect this trade. GBP retail sales at 4:30 est.which is forecasted for -0.8 which can easily be beat
and CAD CPI at 8:30 est .Please take this into consideration
** A more aggressive entry can be made if there is either multiple testing of the resistance level
or a tight compression below but at it, for at least 8 hrs.
Trade active:
This trade is now Active with an entry at 1.7234
Trade active:
This trade is currently + 141 pips, so you may want to take a portion off, lock in some profit or at the very least, move your stop to flat