2018May28 GBPCAD H4 Trend Continuation

May 28, 2018

GBPCAD has recently been on an uptrend. The bulls are more aggressive than the bears which lead to the formation of an ascending triangle. As such, I am waiting for a green candle to break and close above the horizontal resistance at 1.73163. I will then place a buy limit at that level, expecting the old resistance to become the new support upon retest. Stop loss is based on ATR x 2 while TP1 has the same number of pips by default. Tentative details are as follows:

Trade Setup: Trend Continuation
Price Entry 1.73163
SL 1.72063 | SL pips 110.0
TP1 1.74263 | TP1 pips 110.0
RRR1 1.00

May 29, 2018

Note

I am canceling this setup with the formation of a new swing low.