Ichimoku Currency GBPCAD Forex Trade Setup: 6-10-10

GBPCAD consolidating and has a chance to break either way.   The trend is bearish but can move into a pullback mode off the consolidation pattern.   As a result, we are going to setup two trades.   One a counter trend trade with very little risk and another for a continuation trend trade.
Here is the counter trend trade setup.  It is a bullish trade off the 30 minute timeframe.  It keeps our risk very low.  Notice, we are not trying to get huge profits because this is a pullback off the major trend.

Here is the continuation trend trade.  We are going to setup everything off a 120 minute chart to try to keep our risk low since we are in a minor consolidation pattern.

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About the Author Manesh Patel