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NextForexTrade
Aug 8, 2019 6:25 AM

Potential short based on timeframe agreement Short

British Pound/Canadian DollarFXCM

Description

Good signs of being overbought on the daily and reference point for stoploss above yesterday's high.

However lower timeframes still need to show more definitive signs of bearishness to consider short.

The price breaking support on the lower timeframes, pulling back and then finding resistance make be a conservative approach to trading this.

Trade closed: target reached

Initial 1:1 profit targets achieved. Still scope to hold shorts at least until there is interaction with the lower edge of the linear regression channel on the daily.
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