informedtrades
Long

GBPCAD Consolidating After Pullback

FX:GBPCAD   British Pound/Canadian Dollar
63 1 2
The moving averages have converged, we have a candlestick pattern that resembles an inside bar -- meaning that price is consolidating -- and price has pulled back to a support level . All of this offers a nice entry point, and the recent long wick serves as a potential bullish checkmate and thus a reference point for where the stop should be placed. I've placed my stop just below the recent long wick, and am targeting the recent high.

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I dont know... 200DMA is a BIG Resistance zone. I would rather take a Short position; 1.8230 is a nice resistance area also
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