KVE
Short

GBP/CAD: Possible double top, too good to be true...?

FX:GBPCAD   British Pound/Canadian Dollar
258 1 6
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!
I was just about to post this double top chart since I wake up, haha... I am agree with you, but it hard for it to continue rise (just my opinion). But why I say so? You can look on other trade about cad, most of it is reaching the limit, and I am expecting that cad is gonna rise in next week and mean gbpcad will have a fall. For you status about gbpaud I am also agree but it doesn't have so many similarity because the reason why gbpaud will rise is more on aud is dropping, since you can take a look on trade like audusd, audjpy and others as well, goodluck.
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out