Long GBPCAD
Here there are multiple confluence for this trade.
Fundamental factors:
Market sold off aggressively due to the IRAN missle attacks. When situation like this happens market tends to overshoot. So trying to get the retracement.
Techincal Factors:
It created a multi day double bottom patern.
RSI is also created a bullish divergence which shows that price might make a reversal.
Trade Management:
Although in the chart I am aiming for 2R. I will close half the position in 1R and close the rest on TP level which is set at the top of the potential daily range based on the ADR.
Fundamental factors:
Market sold off aggressively due to the IRAN missle attacks. When situation like this happens market tends to overshoot. So trying to get the retracement.
Techincal Factors:
It created a multi day double bottom patern.
RSI is also created a bullish divergence which shows that price might make a reversal.
Trade Management:
Although in the chart I am aiming for 2R. I will close half the position in 1R and close the rest on TP level which is set at the top of the potential daily range based on the ADR.
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