GBPCAD

Price on GBPCAD moved upward after printed double bottom and broke the daily resistance level. This resistance level has been rejected twice in the past. On the 4 hours chart below, we can see that price retrace back to the old resistance, now the new support level, form a bullish engulfing bar follow by a pin bar which also engulf the previous bar. I decide to open two long positions with the stop loss below the pin bar. 

OP: buy stop 2.0435, SL: 2.0286, TP1: 2.0546, TP2: 2.0925

Notes:

  • I will cancelled the order if the price moves below and pass through the low of the 4-hour pin bar.
  • Adjust stop loss level to break even if the price reach first target.

GBPCAD daily chart

GBPCADDaily-151209

GBPCAD 4-hour chart

GBPCADH4-151209

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