GBPCAD POSSIBLE REVERSAL

13 feb 2020

After a considerable run on the GBPCAD, the bulls seems to be loosing steam or out of gas. This has led the pair to be showing possible head and shoulder within a broader double top. These patterns however shows weaknesses in an asset and a possible change in direction. However, the pair needs to clear some supports along the way to confirm the head and shoulder within the broad double top.

We would therefore like to test the waters to see whether reversal would be confirm by sneaking in with a sell stop below the low of the inside day bar with a target before the rising trend line that is supporting the uptrend. A convincing break and a possible retest would confirm the reversal.

IDEA OF TRADE
1. Possible head and shoulder within broad double top
2. Inside day bar
SELL STOP @ 1.7153
STOP LOSS @ 1.7262
TP1 @ 1.70295
TP2 @ 1.6727
TP3@ 1.6540

DISCLAIMER: This is not an investment advice. Forex is high risk and high reward. Trade according to your own rules and trading plan.

14 feb 2020

Nota

Right shoulder still developing... Trade idea still valid but order not yet trigered.
Some setups needs patience to develop. Those who let the market come to them are the once that the market rewards... we still waiting as the order is not trigered

25 feb 2020

Trade attivo

Our first target has been hit..... @ 1.70295.

Currently price bounced off rising trend line and approaching right shoulder.. will be watching how price reacts to this level to produce good risk to reward ratio.