GUEST POST: Update On GBP CAD Swing Long Set-up

GUEST POST: Update On GBP CAD Swing Long Set-up

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

Clear buying was seen on numerous occasions prior to the break-out move so although the ideal long entry of 1.5900 was never triggered, an entry for a 150 pip gain was attainable intra-day when price broke above the last swing high (as highlighted by the blue rectangle area).

Going forward resistance is likely to be seen once again at the 1.6380 area but keep stops tight if your thinking of going short at this level as today’s candle is extremely bullish. Tomorrow / Thursday may see a retest of the last 4 hour swing high (blue rectangle) so another long entry may be achievable at approximately 1.6150 for a run up to the major resistance area of 1.6380.

Personally I’ll be watching from the side lines now to see what unfolds but the key levels for me going forward are 1.6380 and 1.5280.

Good trading all.

    Posted at 16:42h, 01 November

    good call do you think this can break out this time above 16400

    • ematrader
      Posted at 08:05h, 02 November

      Tricky one to call Joe. This pair has been stuck in a 1200 pip trading range for a year and a half now. It’ll eventually break one way or the other and with some strength I imagine but until those support & resistance levels have been broken with conviction I would stick to those levels and play the range.

  • RS2OOO
    Posted at 20:20h, 01 November

    For me, I’m waiting for the breakout before going long. (Mainly cos I didn’t take ematraders entries when they were available because I wasn’t sure).