Fxprotrader
Short

GBPCAD: Key Level To Watch For Short

FX:GBPCAD   British Pound / Canadian Dollar
710 0 28
An overbought RSI with a bearish divergence was showing that the upmove was about to end. Indeed, price reversed and with a sharp impulsive move broke below the uptrend and is soon expected to start a correction. In case price reaches the upper parallel of the median line we should watch for a sell setup to complete and sell the market. Keep in mind two things: Price must reverse and head towards the parallel into a corrective structure (slow, choppy move) and that a setup with stoploss and tp is needed in order to sell. Blindly entering a market only because price has reached a buy or a sell zone isn't the way to go..

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