Highcrunch

GBPCAD 240 setup that I could not resist taking

Short
FX:GBPCAD   British Pound / Canadian Dollar
4
Was not planning on taking any more new trades till new year. However when looking at the chart, this swing trade setup on the GBPCAD tick a few checks.
- Price has dropped below a strong Support/Resistance area as indicated by the yellow eclipse.
- Price broke trend line , retrace to the back of trend line and formed a pin bar . (a nice setup)
- Entered trade @ 1.8069 with tight stop of 10 pips above pin bar (@ 1.8118), target zone ( AB=CD completion and 1.618 extension ) @ 1.7925 This gives a Reward to Risk ration of almost 1:2.8

Let's wait and see