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MoolahMaker

GBP/CAD - 300 Pips+ Short Opportunity

Short
British Pound / Canadian Dollar (FX:GBPCAD)  
MoolahMaker Updated   
FX:GBPCAD   British Pound / Canadian Dollar
GBPCAD gbpcadshort gbpcadanalysis gbpcadforecast gbpcadsell gbpcad_setup
6
0
gbpcad gbpcadshort gbpcadanalysis gbpcadforecast gbpcadsell gbpcad_setup
There is a possibility that GBP/CAD may go down more than 300 pips to find back support. If it does break it's current support, then do not hesitate to short it till it finds it's next one.

Always make your own analysis before investing as well as money manage properly!

Happy trading!
Comment:
It is still in a down trend. So how we play it with these kinds of position where it's not very certain how low it can go is by simply riding the trend. That is, only closing your position when the currency pair finally consolidates and confirms it's support. You do not want to close your positions too soon and miss a lot more profit. Always be patient.
Trade closed: target reached
Comment:
The trade was closed in time the 16th May, right before it gained bullish strength and so no loss occured.
Comment:
After the 16th May, when you saw that it was not able to go bullish but came back down to bearish, you could have opened a short position after looking over the 8 hour chart o even daily for further confirmation of the bearish trend.
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