GBPCAD - Long to 2.06 then short to 1.97
After the obvious MACD divergence, price fell through the uptrend line and took out a previous support level.
Now it is not the time to short GBPCAD as I believe price will retrace to the area between the 38.2% - 61.8% Fibs (2.0388 - 2.0612).
I am only interested in shorting this pair as price can continue going to the south without giving us an opportunity for retracement.
You can stack sell limit orders at each fib level above price with a SL above 2.098.
Profit targets are 1.9775 & 1.947
Now it is not the time to short GBPCAD as I believe price will retrace to the area between the 38.2% - 61.8% Fibs (2.0388 - 2.0612).
I am only interested in shorting this pair as price can continue going to the south without giving us an opportunity for retracement.
You can stack sell limit orders at each fib level above price with a SL above 2.098.
Profit targets are 1.9775 & 1.947