Hi Traders
based on the current market structure I believe that GBPCAd will continue its drop to the downside. The resistance area (big grey box) did its job.
The setup sees a 1:3 RR. I see the stop nicely protected by different layers of structure. More conservative traders could stretch the stop further and go with a RR of 1:2.
As always, stop loss goes to breakeven as soon as price hits 1R profit.
Good luck :)
based on the current market structure I believe that GBPCAd will continue its drop to the downside. The resistance area (big grey box) did its job.
The setup sees a 1:3 RR. I see the stop nicely protected by different layers of structure. More conservative traders could stretch the stop further and go with a RR of 1:2.
As always, stop loss goes to breakeven as soon as price hits 1R profit.
Good luck :)
Note
Stop to breakeven. No more risk in this trade.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.