IvanLabrie
Long

GBPCAD: Uptrend continuation

FX:GBPCAD   British Pound/Canadian Dollar
163 13 9
2 years ago
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.

Cheers,
Ivan.
a year ago
Trade closed: stop reached
IvanLabrie PRO
2 years ago
snapshot

Shorting the correction...then buying the dip.
If the short works and the long doesn't, I end up making 2.5%, despite getting stopped.
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IvanLabrie PRO
2 years ago
Sold market, tp at the entry level for the long. Pretty tight stop, will cover the loss in case the long doesn't work, and also leave me with a 1% profit on top.
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IvanLabrie PRO
2 years ago
My short worked but didn't reach my buy level, so I took profits and didn't get a chance to go long.
It'll soon retrace, based on the price action in multiple timeframes though.
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IvanLabrie PRO
2 years ago
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.
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IvanLabrie PRO IvanLabrie
2 years ago
snapshot

Short under highest low, take profits around 1.86577 and buy there...good luck!
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GcNaif MOD IvanLabrie
2 years ago
good one Ivan
+1 Reply
IvanLabrie PRO GcNaif
2 years ago
You are long now? I sure am... :)
Happy Easter!
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IvanLabrie PRO
2 years ago
snapshot
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IvanLabrie PRO
2 years ago
snapshot


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.
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IvanLabrie PRO
2 years ago
Seems like the downtrend can extend lower:
snapshot
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IvanLabrie PRO IvanLabrie
2 years ago
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IvanLabrie PRO IvanLabrie
2 years ago
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IvanLabrie PRO IvanLabrie
2 years ago
This suggests we will see a retrace in GBPCAD before more down, unless the resistance levels above are breached.
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