MASSIVE SELL TRADE on GBPCAD Caught this morning (1:7+RRR)
Sup folks how you guys doing, so unfortunately I wasn't able to call this one out live on tradingview here as I was in a class with a student breaking down this trade with him specifically but I am going to do my best in this idea to break down my thought process for you
Looking at GCAD it is definitely bearish as of right now, the question is why? - If I were to guess I'd say even though it has been bullish for almost the entire year..this bear move may be the dealer's way of capturing some much needed liquidity in order to continue up
If you are picking up what I am putting down - in my opinion it made sense based on my breakdown to sell as there are stop losses below, that being said it also means that this isn't to be treated like a long term hold as it is going against the general direction of the market over the last year or so (bullish)
But we can absolutely take advantage of the market right here and now
That being said I will let you take your time to digest this breakdown, As at the time of me typing this I am still holding my position and don't see any reason as to why I should close it - so I will not close it.
I will however be very careful in the trailing process (trailing my stop loss), I currently have my stop loss in profit at just around 1:1 RRR.
I patiently await the next opportunity, Hope you enjoyed this idea.
:D
Looking at GCAD it is definitely bearish as of right now, the question is why? - If I were to guess I'd say even though it has been bullish for almost the entire year..this bear move may be the dealer's way of capturing some much needed liquidity in order to continue up
If you are picking up what I am putting down - in my opinion it made sense based on my breakdown to sell as there are stop losses below, that being said it also means that this isn't to be treated like a long term hold as it is going against the general direction of the market over the last year or so (bullish)
But we can absolutely take advantage of the market right here and now
That being said I will let you take your time to digest this breakdown, As at the time of me typing this I am still holding my position and don't see any reason as to why I should close it - so I will not close it.
I will however be very careful in the trailing process (trailing my stop loss), I currently have my stop loss in profit at just around 1:1 RRR.
I patiently await the next opportunity, Hope you enjoyed this idea.
:D