Ian Coleman - First 4 Trading
Ian Coleman of explains in a technical analysis of charts why he is trading GBPCAD. Coleman is looking to buy GBPCAD at 1.7155. His stop is 1.6850 and his targets are 1.8250 and 1.8480.
Day trade
Trade view / 11 August 2016 at 9:50 GMT

UPDATE: GBPCAD burns bulls not bears

FX Trade Strategist /
Price target:
Market price:

The original trade view expected that the strong support in the 1.6990–1.7000 area would hold and that the combination of a bounce in GBPUSD and lower oil prices would cause GBPUSD to rebound.

Oil weakened, but not enough to overcome renewed bearish GBPUSD sentiment.  GBPUSD couldn't get any traction above 1.3100 and resumed the downtrend as traders concluded that the worst is far from over for the UK and Brexit. GBPUSD crashed below support at 1.2950 and GBPCAD sank, triggering the stop loss for a 0.0093 point loss.

This trade underscored the danger of making assumptions. It assumed that the support level would hold, despite lacking confirmation from a topside break in the intraday downtrend line.

Note: The second buy order at 1.7070 was not triggered.

Original Parameters:

Buy ½ GBPCAD at market (currently 1.7010) and the balance on break of declining trend line on 30-minute chart. Currently 1.7070.

Stop: 1.6925

Target: 1.7250

Time horizon: 4 days

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
alki alki
Thank you Michael. I took your assumption as valid and my trade closed at a small loss. No problem though, i am sure both of us learned something from this one. Keep up the good work.
Michael O'Neill Michael O'Neill
Thanks alki. The smarter way to have traded this idea was only to buy if the downtrend line was broken. Had I did that, we wouldn't have got stopped.
Michael O'Neill Michael O'Neill
because we wouldn't have been long in thelace.
Michael O'Neill Michael O'Neill
I meant in the first place
Charles Asmar Charles Asmar
Good morning, Any suggestion for GBPCAD?
Michael O'Neill Michael O'Neill
Good morning, Charles. I like GBPCAD lower to 1.6365 which is the 61.8% Fibo move of the Oct.16-Nov.10 range. The Canadian dollar can get a lit form positive headlines out of the Opec meeting Intraday GBPCAD technicals are bearish while trading below 1.6700.

Consider selling 1/2 position at market 1.6630, balance at 1.6680. Stop 1.6712 Target 1.6365

A major risk to this idea is that GBPUSD has a prolonged bout of short covering due to US Thanksgiving holiday, or if Oil prices drop.
Charles Asmar Charles Asmar
Thanks Michael for your clarification, allow me to wish you a fruitful day


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