GBPUSD 5-16-07: Trade Setup

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  • GBPUSD 5-16-07: Trade Setup

GBPCAD currency pair is looking to setup for a good bearish trade. Price still has to move down over 50 pip to hit our entry value. We expect this because the Chikou Span (purple) is in the Kumo cloud and we expect consolidation from this. We are trading in the 8 hour timeframe this time. Little faster then the daily but not too fast to the point we are swing trading. The stop we are going to use is the Kijun Sen (green) at 1.9873+5 pips. The blue line represents a major support where we have to watch the charts to see what happens at this area. An alert will be set for this area when the trade is triggered.
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