Setup: It was noted that GBPCAD could be dropping to 1.70706 Our setup is complemented by the following: 1. Multiple timeframe trend analysis 2. Divergence on H1.
Approach: Our trade strategy is as follow: We will open two consecutive trades, they will both have the same stop loss but different take profits. Trade 1: Entry: 1.72502 SL: 1.73638 TP: 1.71916
Trade 2: Entry: 1.72502 SL: 1.73638 TP: 1.70706
It should be noted that once TP1 is hit, we will move the stop loss of trade 2 to breakeven.
Risk & Reward: TP1 - 1:0.5 TP2 - 1:1.6
Total Risk: 2% or 226 PIPS
Total Reward: 2.1 % or 238 PIPS
** It should be noted that this trade don't consist of high reward. However, the setup is still valid.
thanks