Hello fellow risk-takers
GBPCAD's bias is bullish in my books. The red descending trendline is unreliable and prone for breakouts; I call these types of trendlines "even trendlines— i.e., AB = BC" and data shows that, more often than not, these trendlines break.
I am bullish on this pair, and already opened a long position on Thursday of last week. If this trendline breaks as expected, I will be looking to add a further position. However, price is erratic at this point, and the probability of tight stop-losses being wiped out is increased.
Happy Trading.
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*This information is for entertainment purposes only and shouldn't be construed as investment advice.
GBPCAD's bias is bullish in my books. The red descending trendline is unreliable and prone for breakouts; I call these types of trendlines "even trendlines— i.e., AB = BC" and data shows that, more often than not, these trendlines break.
I am bullish on this pair, and already opened a long position on Thursday of last week. If this trendline breaks as expected, I will be looking to add a further position. However, price is erratic at this point, and the probability of tight stop-losses being wiped out is increased.
Happy Trading.
______
*This information is for entertainment purposes only and shouldn't be construed as investment advice.