25 Oct 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.