Possible long set-up here with a successful break and hold of the triangle/flag formation.

Ideal entry would be at the 50% support level (1.5900) with a tight stop in anticipation of a breakout or on a back test of the sloping trend line following a successful break-out.

Target would be the Oct 4th high at approximately 1.6350 – 1.6388.

  • RS2OOO
    Posted at 00:17h, 21 October

    If you look at the daily trading range on GBP:CAD covering the period from July 2010 to present then compare this to EUR:JPY between May 2010 to March 2011 you will note a few similarities. EUR:JPY went on to have a breakout that led to a 800 point straight line rally.

    So, if your trade works out, I’d probably look to buy the break of the daily range in view of a possible repeat scenario.

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    Posted at 00:20h, 22 October

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  • ematrader
    Posted at 15:10h, 25 October

    GBP:CAD traingle broken to the upside as expected. Over 300 pips in the last two hours!

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    Posted at 21:12h, 25 October

    […] Price continued to consolidate within the triangle / flag formation as highlighted in my previous post. […]

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