CADGBP POTENTIAL SHORT @~0.5360I messed up the original post for this so I am trying again.
The Canadian Dollar has rebounded well against the British Pound leaving a bigger picture demand zone below @~0.5140.
Price is now coming to an area where there might be a sharp decline away. This supply zone @~0.5360 is also the 50% pullback area of the original down move indicated by the red arrow.
Price should fall away upon reaching that zone.
Entry Point: 0.5360
Stop Loss: 0.5400
Profit Target 1: 0.5140
Risk: 40 pips
Profit: 220 pips (5.5X Risk)
Entry can be fine-tuned on the H1 timeframe for lower pip risk and greater profit margin as follows:
Entry Point: 0.5365
Stop Loss: 0.5375
Profit Target 1: 0.5140
Risk: 10 pips
Profit: 225 pips (22.5X Risk)
Entry Point: 0.5382
Stop Loss: 0.5400
Profit Target 1: 0.5140
Risk: 18 pips
Profit: 242 pips (13.4X Risk)
