GBPCAD: Uptrend continuation

FX:GBPCAD   British Pound / Canadian Dollar
163 13 10
Shout out to The Working Trader for bringing this one up.
It's a perfect time to short the retracement and initiate a long position after taking profits.
There is a currently valid downtrend signal, two of them actually, suggesting lower lows.
I don't think the targets will be reached, which is a bullish signal once time expires.

This is a practical way to approach these kind of scenarios, since it allows us to minimize risk.
I'd try to market sell at the open and cover by the time we reach the green square area, and initiate a long from there with a tight stop. First target to partially close the long would have to the be the top of the red square.
If it keeps going we'll try to scale in and keep this initial order running. Second target would be the 1.89 region.
Ultimately the monthly chart gives me a lofty target: 1.9971 as depicted by the dotted line arrow in the background.

Trade closed: stop reached
Seems like the downtrend can extend lower:
IvanLabrie IvanLabrie
IvanLabrie IvanLabrie
IvanLabrie IvanLabrie
This suggests we will see a retrace in GBPCAD before more down, unless the resistance levels above are breached.

Weekly view...broad uptrend in place, this level might be a perfect buy.
Target is a retest of the last high, at the very least. Counter trend short worked perfectly as a bonus.
Good GBP data helps fuel the reversal move now. Watching for a break above today's high for a scale in on the long side.
Ok, this last daily bar makes me want to short under the low.
I'll place an order and try to cover once we reach the green square area, and go long from there.
IvanLabrie IvanLabrie

Short under highest low, take profits around 1.86577 and buy there...good luck!
GcNaif IvanLabrie
good one Ivan
+1 Reply
You are long now? I sure am... :)
Happy Easter!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out