Hi Fellow traders. I am looking at a Daily double test high on the Pound Canada pair. I am considering a short on it on an hourly sell bar and if you look at the hourly, you see a 5 day several hundred pip run. If we draw our fibs and look at the levels…. This looks good for a potential run down on Pound weakness (already underway in Pound dollar) and potential Cad strength on tomorrows rate announcement for Canada See the daily chart below: Click the chart, it will blow up big for you, that is a data error by the way that always happens on cms vt trader when it puts in a daily bar right at the end of the day. Anyway, if you look at this hourly chart you can see better the run up is getting tired. We put in a daily piercing bar and after having a 600+ run the 38.2 % fib comes in around 1.5933 and the 50% fib at 1.5855 These are my targets. Here is the chart:
As usual keep your position size in check if you decide to take it and I am placing my stops right above the highs and above the daily 200 MA, just above the “psych” level of 1.6215 Thanks for reading and till next time, Happy trading. Michael Storm aka robinhood.
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