Wednesday, November 14, 2012

GBPCAD Triangle Trade GBPCAD Triangle Trade
Pair GBPCAD is making out a triangle on hourly timeframe. 

A upside break brings focus to highs of 9-Nov around 1.60 figure. Price is currently testing 200EMA and looks like trying to establish a base there.100EMA comes just above the upper trendline.

A break lower brings focus to lows of 24-Oct and 7-Nov. This area comes around 1.58 figure.

As price is consolidating just above 200EMA, I suspect a upside break. If that happens, my strategy is to go long.

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