GBPCAD Triggered
We last posted on the GBPCAD on March 8th when price was immediately faced with the weekly 200SMA resistance and pivot resistance at the 1.8000 round number. This was a resistance zone that we wanted to see price break through to confirm a trend continuation.
The trend at the time was very much bullish but patience was needed as price needed to break and close above the weekly 200SMA and the round number 1.8000 before looking to place any long trades. The more conservative trader could wait for the close on the weekly time frame which will be confirmed today. For us here at Sublime Trading, a close on the daily time frame will suffice.
Our patience was rewarded with the close earlier this week but we waited for a further breakout, confirmed at the close of play on Thursday, before placing the trade. This was triggered earlier today. We have a stop-loss in place and a small and insignificant risk allocated. Losses should always kept small with profit far larger by letting winning trades run and compounding into them.
We are now looking for price to move towards the next key resistance level of 2.0000 and ideally, beyond, to the high of 2015 at 2.1000. We will strategically compound on further breakouts or even pullbacks. We will let price dictate that.
This currency is looking strong for a trend continuation.
Sublime Trading
The trend at the time was very much bullish but patience was needed as price needed to break and close above the weekly 200SMA and the round number 1.8000 before looking to place any long trades. The more conservative trader could wait for the close on the weekly time frame which will be confirmed today. For us here at Sublime Trading, a close on the daily time frame will suffice.
Our patience was rewarded with the close earlier this week but we waited for a further breakout, confirmed at the close of play on Thursday, before placing the trade. This was triggered earlier today. We have a stop-loss in place and a small and insignificant risk allocated. Losses should always kept small with profit far larger by letting winning trades run and compounding into them.
We are now looking for price to move towards the next key resistance level of 2.0000 and ideally, beyond, to the high of 2015 at 2.1000. We will strategically compound on further breakouts or even pullbacks. We will let price dictate that.
This currency is looking strong for a trend continuation.
Sublime Trading
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