Long GBPCAD

Here there are multiple confluence for this trade.

Fundamental factors:

Market sold off aggressively due to the IRAN missle attacks. When situation like this happens market tends to overshoot. So trying to get the retracement.

Techincal Factors:

It created a multi day double bottom patern.

RSI is also created a bullish divergence which shows that price might make a reversal.


Trade Management:

Although in the chart I am aiming for 2R. I will close half the position in 1R and close the rest on TP level which is set at the top of the potential daily range based on the ADR.