GBPCAD Short trade idea in the making +/- 500pips
On 31 March 2020 the pair made a high @ 1.77958
The #GBPCAD being a #commodities driven pair reacted accordingly to the current oil crises. As if that is not enough the COVID-19 situation just adds fuel to the fire. All of the aforementioned contributes nicely to the short trade idea on the #GBPCAD. The latest hospitalization of Prime Minister BJ and him being moved into the ICU, give us the final support element to this idea.
NOTE: Extra volatility might presents itself due to worse then expected economic data or an improvement or deterioration of Boris Johnson's condition, so, be careful, alert and stay safe.
Entry: enter at market during any pullback opportunity during the NY session today (7 April 2020)
Stop loss: it is advised to apply a 80-100 pips stop loss (micro lots). This is due to the volatility in the #GBPCAD.
Take profit: in the 1.67300 area which will give a good +/- 500 pips
RR: between a 4/5:1
Remember, anything can happen and it will happen.
The #GBPCAD being a #commodities driven pair reacted accordingly to the current oil crises. As if that is not enough the COVID-19 situation just adds fuel to the fire. All of the aforementioned contributes nicely to the short trade idea on the #GBPCAD. The latest hospitalization of Prime Minister BJ and him being moved into the ICU, give us the final support element to this idea.
NOTE: Extra volatility might presents itself due to worse then expected economic data or an improvement or deterioration of Boris Johnson's condition, so, be careful, alert and stay safe.
Entry: enter at market during any pullback opportunity during the NY session today (7 April 2020)
Stop loss: it is advised to apply a 80-100 pips stop loss (micro lots). This is due to the volatility in the #GBPCAD.
Take profit: in the 1.67300 area which will give a good +/- 500 pips
RR: between a 4/5:1
Remember, anything can happen and it will happen.
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Update: price was rejected this morning during the London open just above the 1.7300 level. A potential short entry area. Remember, anything can happen and it will happen.