GBPCAD Long - 22 November 2016

FX:GBPCAD   British Pound / Canadian Dollar
47 0 2
- Yesterday candle closed a bullish reversal candle off the 10/20MA support and daily horizontal support @ 1.671
- Yesterday candle is also an indication of retest of significant area after previous price action broke higher out of the daily horizontal line and 50MA resistance

- Buy stop at 15 pips above yesterday high @ 1.684

- Set at 261.8 fib level off the yesterday bullish reversal candle @ 1.724 (slight discount to the next daily resistance @ 1.745

- Set at 50% of the bullish candle @ 1.6685 (below the round number of 1.67)

- Previous bearish divergence might posses a threat to this long trade... to observe future daily price action
Comment: Updates - 23 November 2016:
- In this point of writting, trade has yet to be triggered
- Yesterday session closed a semi-bearish shooting star looking candle and formed an inside candle formation.
- Also, if we look at current chart, a hidden bullish divergence has formed giving some bullish potential
- With strong oil trend, risk that GBP might not be able to appreciate much against CAD
- In this moment will keep hold on to this set up
Comment: Updates - 24 November 2016:
- In this point of writting, trade has yet to be triggered
- Yesterday session has closed another session of bullish reaction off the 10/20MA support
- Seems like this could turn out nicely... to hold on to this set up
Trade active: Updates - 25 November 2016:
- Trade triggered
- Yesterday session formed a doji like pattern and fake breakout of the inside candle formation since 21 November.
- Seems like the price has difficulty in pushing over 1.68
- However, there is no signal to exit this trade just yet....
Trade active: Updates - 27 November 2016:
- Last day of the trading week closed relatively bullish, with new high close after previous 7 days of price consolidation
- Seems like we could be in for a short term bullish trend... hopefully this would be sufficient to push the price to my target :)
Trade closed: stop reached: Updates - 29 November 2016:
- Yesterday bearish marobozu took out my stop... :(
- Seems like this pair is still bearish with yesterday strong sell until we see a bullish signal again.
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