GBPCAD Short: H&S + Channel Breakout = Power Reversal Short

British Pound/Canadian DollarFXCM

Description

⋅ May 9, 2017 11:24 AM

Hey traders, we have a big potential reversal pattern here on GBPCAD. H&S has completed on the 1H with many missed pivots below. Channel breakout will provide resistance against SL. Trade only active at limit and move to B/E target is 1:1. Cheers

Trade active

⋅ May 9, 2017 12:29 PM

Trade closed: stop reached

⋅ May 9, 2017 1:21 PM

SL reached on GBP strength. We are still in GBPAUD long. Cheers!

Comments

UnknownUnicorn478105

⋅ May 9, 2017 4:56 PM

Thank you so much for all the ideas and the charts from which we can learn a lot about trading! :)

janiefravin

⋅ May 9, 2017 2:23 PM

Does GBPCAD nearly break down? answering me pls, thank you

glennmercer

⋅ May 9, 2017 2:24 PM

@janiefravin, Sorry, I don't understand your question. The pair may still break down but I don't see any reason to be short at the moment.

patterntrader

⋅ May 9, 2017 1:15 PM

First of all, thank you for sharing this wonderful trade setup. Looking forward to see the result.

glennmercer

⋅ May 9, 2017 1:21 PM

@patterntrader, Thanks PT! SL reached on this setup. I'm looking for GBPAUD for pound strength. Cheers