A rising/ascending channel on GBPCAD
Updated
My first analysis in 2019. Hoping everybody had a blessed Xmas and a very happy new year.
Holidays are over now and it's time to hit the charts harder than before. It's '20-grind-teen' afterall.
Anyhow, back to the subject at hand... Above we have a perfect ascending channel on the Cable. Despite the uncertainty clouding Great Britain due to the Brexit deal and what-not, the Pound seems to be rising above all odds.
I am personally anticipating a bullish movement towards the channel resistance, but of course we can expect a minor pullback before prices push up and test our resistance level, which is why I will have two entries. I will not ride the pullback, I will simply wait for the trend continuation.
If prices unfortunately decide to go against us (GOD forbid), we'll have our stop losses in place in order to protect our capital :-)
Signing out.
Holidays are over now and it's time to hit the charts harder than before. It's '20-grind-teen' afterall.
Anyhow, back to the subject at hand... Above we have a perfect ascending channel on the Cable. Despite the uncertainty clouding Great Britain due to the Brexit deal and what-not, the Pound seems to be rising above all odds.
I am personally anticipating a bullish movement towards the channel resistance, but of course we can expect a minor pullback before prices push up and test our resistance level, which is why I will have two entries. I will not ride the pullback, I will simply wait for the trend continuation.
If prices unfortunately decide to go against us (GOD forbid), we'll have our stop losses in place in order to protect our capital :-)
Signing out.
Trade closed: target reached
Take Profit triggered and the markets immediately moved sharply bearish.Had we placed our T.P any higher, we would've missed out on that profit.
Trade closed: target reached
Well, seems like our first and second targets have both been reached. Personally, I missed out on the second entry because I anticipated the Pound to retrace and then continue upwards.
I'll place another since the week isn't over it. I'll be sure to keep you guys posted.
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