I’m taking this short signal
Hey trader, hope everything is going fine so far this week with your trading (and everything else).
What currency pairs are you monitoring this week?
Seems like most traders are focusing in the JPY crosses, and I dont blame them, I’ve also taken a few trades with them… they’ve been trading smoothly, which is one of the main things that I look for when searching for trade opportunities.
But there are others that are also trading in a clear market condition… such as the GBPCAD.
The spread in the GBPCAD isn’t that bad, its between 2 to 5 pips on most brokers, and I know some traders use the pip spread to determine whether to trade or not a currency pair…
So its not that bad isn’t it?
Ok, so here is the reason why I decided to set a pending order here.
GBPCAD Long Term Analysis
Here is what the GBPCAD long term charts looks like:
Its clear that the GBPCAD already got rejected from an important long term resistance level.
One of the main principles of price actions tells us that the market moves from one level to the other, so if it got rejected from that resistance level, it si likely to continue its way down until it reaches its next LT support level at 1.7605
So it is trading in a clear bearish condition.
GBPCAD Short Term Analysis
Here is the range on the hourly chart:
Details of my trade:
Entry stop order: 1.7856
We’ll see how it goes…
Are you currently trading the GBPCAD? What do you think about my signal?
What other currency pairs are you monitoring/trading? Any JPY cross?
Share your thoughts!