GBP/CAD: Possible double top, too good to be true...?
We're close to forming a double top here. It is possible that this pair will continue to rally [/b](also see my GBP/AUD idea linked here-under which suggests GBP could go up some more)
Anyway, I cannot pass on a possible great opportunity like this!
RSI has taken quite a steep slope and is now getting highly oversold (note that I use the 80 level, which is being touched right now, instead of the standard 70 level) but as one can see left on the chart this is not abnormal, certainly not at the beginning of a strong uptrend!
I allready shorted it at market just now
Tight SL above the 2.1000 round level (2.1065).
I have additional orders ready around 2.0960 - 2.0970 (exact double top level) to add to my short position, as depicted on the chart.
Total risk now is 1%, 2% if the additional orders get filled. Excellent R/R means the profits could amount to between roughly 10 and 30% equity increase depending on which targets are met.
Too good to be true probably... but also too good of an opportunity to let pass!
Anyway, I cannot pass on a possible great opportunity like this!
RSI has taken quite a steep slope and is now getting highly oversold (note that I use the 80 level, which is being touched right now, instead of the standard 70 level) but as one can see left on the chart this is not abnormal, certainly not at the beginning of a strong uptrend!
I allready shorted it at market just now
Tight SL above the 2.1000 round level (2.1065).
I have additional orders ready around 2.0960 - 2.0970 (exact double top level) to add to my short position, as depicted on the chart.
Total risk now is 1%, 2% if the additional orders get filled. Excellent R/R means the profits could amount to between roughly 10 and 30% equity increase depending on which targets are met.
Too good to be true probably... but also too good of an opportunity to let pass!
