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CADGBP

CADGBP POTENTIAL SHORT @~0.5360I messed up the original post for this so I am trying again. The Canadian Dollar has rebounded well against the British Pound leaving a bigger picture demand zone below @~0.5140. Price is now coming to an area where there might be a sharp decline away. This supply zone @~0.5360 is also the 50% pullback area of the original down move indicated by the red arrow. Price should fall away upon reaching that zone. Entry Point: 0.5360 Stop Loss: 0.5400 Profit Target 1: 0.5140 Risk: 40 pips Profit: 220 pips (5.5X Risk) Entry can be fine-tuned on the H1 timeframe for lower pip risk and greater profit margin as follows: Entry Point: 0.5365 Stop Loss: 0.5375 Profit Target 1: 0.5140 Risk: 10 pips Profit: 225 pips (22.5X Risk) Entry Point: 0.5382 Stop Loss: 0.5400 Profit Target 1: 0.5140 Risk: 18 pips Profit: 242 pips (13.4X Risk)
Short
by selfrighteousgambler