GBPCAD: Pin Bar at Clear Resistance

FX:GBPCAD   British Pound / Canadian Dollar
1317 12
Update: 1st target reached, moved stop loss to entry. 2nd half stopped at entry.


I am short from 1.8255, as price hits resistance and shows hesitation, this area includes the 200-days SMA as well, so it worth a try with a tight stop.

Good luck
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
1) If 90 percent of first target is reached I move stop loss to breakeven.
2) If 90 percent of first target is reached without triggering entry I cancel the trade.
3) Remember: Losing is a main part of the game
Update: 1st target reached, moved stop loss to entry. 2nd half stopped at entry.
+2 Reply
Great trade here tech, tiny bit of a gamble but the odds were more in your favour, and with such a tight stop loss.. why not...thanks
There was no gamble involved I believe...sound technicals from multiple disciplines aligned. :)
+1 Reply
thank you technician
+1 Reply
i'm in @1.8253
iznogood iznogood
BE and free ride..., thank you Technician
+1 Reply
I feel like you have to consider when crosses like these are made. It's during a time of low liquidity and event risk so that dampens the probability of the trade success. Good technical setup tho, I like it!
IvanLabrie SwingAndPip
I think gbpcad will go up, but this trade worked. I did my own take on it and confirmed a sell setup below 0.8218, 74 pip free ride. (shame I was asleep when it finally confirmed in 4h) :p
Still good, props to Technician for spotting this!
+1 Reply
Hate to disagree but this trade could go either way it just depends on the data we see tomorrow. If the BOE is dovish well great, but if not then we could see GBPCAD skyrocket.
So, you think either GBP goes down or CAP gets weaker ~ CAD weaker agree winter is coming, despite the Santa Rally, but GBP weaker??? Hummm ~
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