GBPCAD, easy mean reversion trade
GBPCAD, easy mean reversion trade
Just like the EURGBP, the GBPCAD is in a perfect condition for a mean reversion trade. It’s important to titrate your positions in a move like this because the end of the move has occurred, there is always a follow up capitulation drive that occurs. I am long at 1.6926 with limit orders below at 1.6907, 1.6873 and 1.6851.
From the prior swing on August 15th, 2018, today is 280 days from that day – well within Gann’ 270-degree cycle of the inner year. This is one of 3 90-day cycles and because this move has formed a higher low, it’s perfect for entry against the square of price and time (which is on May 31st @ 1.6938).
The RSI is at a 2019 Low and is the 2nd lowest low in over a year. And, shockingly, the Composite Index on the daily chart has reached the lowest level it has been since October of 2016.
The moon phase here exacerbates the bullishness of this condition. Expect a VIOLENT move higher and without warning.
Just like the EURGBP, the GBPCAD is in a perfect condition for a mean reversion trade. It’s important to titrate your positions in a move like this because the end of the move has occurred, there is always a follow up capitulation drive that occurs. I am long at 1.6926 with limit orders below at 1.6907, 1.6873 and 1.6851.
From the prior swing on August 15th, 2018, today is 280 days from that day – well within Gann’ 270-degree cycle of the inner year. This is one of 3 90-day cycles and because this move has formed a higher low, it’s perfect for entry against the square of price and time (which is on May 31st @ 1.6938).
The RSI is at a 2019 Low and is the 2nd lowest low in over a year. And, shockingly, the Composite Index on the daily chart has reached the lowest level it has been since October of 2016.
The moon phase here exacerbates the bullishness of this condition. Expect a VIOLENT move higher and without warning.
Trade active:
Added 2 lots at 1.702
Trade active:
2 lots added at 1.6844
Trade active:
Still active - prepping for bounce.
Trade active:
2 lots added at 1.667
Trade active:
Added 2 lots at 0.6597
Trade active:
Still holding and active - it's July 3rd, an important Gann date where moves culminate and trends terminate between July 3rd and July 7th.
Trade active:
Added 4 lots at 1.624
Trade active:
Sold 1/2 for profit, will sell another quarter at 1.7704
Trade closed: target reached:
remaining positions sold at 1.7704 and 1.7755, all profit.