GBP/CAD powerfull sell trend after Canadian housing market growth
GBP/CAD powerfull sell trend after Canadian housing market growth
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- Being busy with work lately i entered my first trade for this month competition only today. This morning i was analysing several pairs,mainly croses as they are my favourites due to increase volatility and greater opportunities that they offer.I set my eyes on CAD/CHF, GBP/ CAD and GBP/AUD. From a tehnical point of wiew GBP/CAD was the most promising pair in my opinion for the next two days. Both GBP/CAD and GBP/AUD were set to burst into a sell trend but tehnically GBP/CAD had amassed more pressure.The pair had an important resistance zone at 1.8594 and an strong support zone at 1.8173 on a daily chart. That and the current range in which the pair is moving for the past few months were enough reasons to sell.
- With all that information ,everything was crystal clear and i decied to place an entry order a little bit bellow the current market price at that time with a close stop loss and a take profit at 128 pips below. I setted my take profit based on previous support & resistance zones as can be seen very clear in the above chart. We can see that the 1.8322 price level is a very strong level which was retested 11 times before. My decision was proven to be correct and the take profit was hit timely several hours after the canadian housing market posted significat gains above market expectations
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