GBP/CAD Daily Buy Setup

Ok it looks like GBP/CAD wants to play ball traders. Remember to wait for confirmation and not to jump the gun. Our entry at this point is at 1.56807 with our stop-loss  below the bottoming tail at 1.55602. Since we are looking to risk 121 pips you should be looking to take profit at the prior high for TP1, & to the 20 MA on the weekly for TP2. With our last lot we will allow the chart to take us out of the trade by trailing either bar by bar pivot by pivot or by trailing a moving average. It is up to you to determine which trailing technique is best suited for the circumstances. Now remember since you are getting in the trade a little late you have to ask yourself is the risk to reward inline with my trading plan. If yes take the trade, if not pass on the trade because there will always be other opportunities. Stay tuned!