GBPCAD – Sell stop order at 1.6154

The GBPCAD is trading in a bearish market condition, if you take a look at the daily chart, you’ll see that it was rejected from an important LT resistance level, and it is likely to continue its way down until it hits the next LT support level:

Anyway, I have set a sell stop order at 1.6154, if the market goes back to that level, my entry will trigger and I’ll use the following SL and TP orders:

SL: 1.6211
TP: 1.5903

I’m risking 57 pips for the chance to make 251, RRR = 4.4:1, good one ha?

Remember, it needs to go back to 1.6154, I wouldn’t recommend entering the market above this level. the GBPCAD is currently trading at 1.6184

Trade Safe!

Raul Lopez
Forex Training

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Raul Lopez

I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .