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GBP/CAD Long To 1.76565

GBP/CAD Long To 1.76565

This is a buy trade I took last week and expecting further upside into this coming trading week. I bought at 1.73055 and have targets set at 1.76395 - The reasoning behind the trade was simple for me. We had price come back to retest support which lined up perfectly with the 200 EMA which also lined up with a 61.8% pullback. price was oversold on the stochastics and at the time I executed the trade we had a bullish engulfing candle bounce from the 200 EMA .

Although I realise it's a bit late to enter where I did if price were to pull back to 1.73280 that would be another opportunity to go long.

from Trading Ideas
via gqrds

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