GBPCAD Long - 1 May 2017
Updated
Background:
- Bullish momentum obvious with stoch and RSI ranged above 70
- Currently price break above horizontal resistance @ 1.7445 and moving towards next swing low area @ 1.8
Entry:
- Enter at market @ 1.7656
SL:
- Set below last trading session low @ 1.75185
PT:
- Set near next swing low area @ 1.806
- Bullish momentum obvious with stoch and RSI ranged above 70
- Currently price break above horizontal resistance @ 1.7445 and moving towards next swing low area @ 1.8
Entry:
- Enter at market @ 1.7656
SL:
- Set below last trading session low @ 1.75185
PT:
- Set near next swing low area @ 1.806
Trade active
Update - 7 May 2017:- Price started off bullishly and now closed the week with a bearish reversal candle
- Price has been in an extended overbought status and might suffer from pullbacks and retest of previously broke resistance @ 1.7445
- Will hold on to this trade with view that it will continue the bull run after the pullbacks
Trade active
Update - 7 May 2017:- Price still in bullish mode but slowed down due to the upcoming MPC bank rate voting.
- I will hold on to this trade and let it plays out. The current SL level is reasonable.
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