26 Sep Long On GBP:CAD Break-Out; 26th Sept 2013
Just a quick post to say following on from previous GBP:CAD analysis I’ve entered a swing long position with stop loss set on a Daily close below this Week’s low.
I don’t normally buy break-outs like this generally preferring to buy a back test of the break-out level but I miss so many trades with that strategy that I’ve just bit the bullet and entered long. After all, price has just broken out to 3 Year highs and it would be incredibly unfortunate if I’ve bought the top!
Here’s the latest Daily chart:
A Daily close below 1.6395 on this Weekly chart will probably have me stopping the trade out: