Bat on GBPCAD 4h

Pattern is about to complete. I'm not a big fan of the pair... and some movements look weird on this one... proceed with caution and wait to see how PA moves on the zone.

Numbers look like:

Entry: 1.66752
SL: 1.65950
TP1: 1.68203 (.236 AD 1.79 RR)
TP2: 1.69097 (.382 AD 2.91 RR)
TP3: 1.69820 (.500 AD 3.81 RR)

Adjust them when D is totally defined.

Comment:

PA is there.

The first 1h candle to close under (20 pips) the projected D point looks like a solid bearish one...

I'll keep looking for an entry reason at 1h and/or 15m time frames. If can't find one (before going to sleep), I'll put a little Stop Order on D just in case.

Trade active:

Super nice and clean rebound. +120 pips in the last 14 hours and only one very small retrace.

Took the trade on its way up at 1.66752 with a stop order.

D point defined at 1.66468, so if you want to change targets new values are:
TP1: 1.67984 (.236 AD 1.53 RR)
TP2: 1.68922 (.382 AD 2.72 RR)
TP3: 1.69681 (.500 AD 3.64 RR)

(i'll keep the original ones)

Trade active:

TP1 reached... took 1/3 of the position. Moving to Break Even.

Free ride to TP2.

Trade active:

Gigantic move from TP1 to TP2... just one bar...

So I decided not to take profits on TP2, move SL to TP1 and start trailing, and continue with the 2/3 of the position to TP3.

Trade active:

Another very fast move to TP3! Not taking profit either, but I'm going to start trailing really tight.

Next target is 1.70542 (0.618 level)

Trade closed: target reached:

0.618 level reached!! Took the other 2/3 of the position (379 pips).

Very nice one... Final numbers:

123 pips * 1/3 + 379 pips * 2/3 = 294 pips, for a 3.66 RR

Not bad!!