Monitoring this pair at the moment on my watchlist. we have had price retrace from the 50% region. however price looks to be retracing back up..
I will ONLY take a short position when price breaks this inner trend line for valid confirmation where we might have a small right shoulder and drop further to the -127% levels around the 184000.
HOWEVER if we do not break and price rallies to the 61.8% level I will also take a positions there so this is a 2 way scenarios but I believe price can only rally to 61.8% level if we have some good Brexit situation and at the moment things are not looking great for GBP crosses. as shown on out previous positions GBPCAD we went in very small due to the fact there there was a lot of uncertainty which from hind site we should have waiting as price was in a solid resistance zone.
we will keep a close eye on this pair for the break of the inner TL for shorts to the said targets.... :)
I will ONLY take a short position when price breaks this inner trend line for valid confirmation where we might have a small right shoulder and drop further to the -127% levels around the 184000.
HOWEVER if we do not break and price rallies to the 61.8% level I will also take a positions there so this is a 2 way scenarios but I believe price can only rally to 61.8% level if we have some good Brexit situation and at the moment things are not looking great for GBP crosses. as shown on out previous positions GBPCAD we went in very small due to the fact there there was a lot of uncertainty which from hind site we should have waiting as price was in a solid resistance zone.
we will keep a close eye on this pair for the break of the inner TL for shorts to the said targets.... :)
Trade closed: stop reached:
stops hit :(