Sharing a setup (including screenshot) I came across in the last 20 minutes on the daily timeframe on GBPCAD. Part of the journey in automating a large chunk of my trading activities.
This one constitutes a valid setup under both of “my” trading strategies. These strategies I am developing into automated strategies, whilst also trading the strategies live manually, one based on pinbars, the other a trend-following strategy (the latter I am developing together with another trader).
The setup is on the daily timeframe for GBPCAD as shown on the chart below. Risk factors for this trade, from a fundamental perspective including the pending Non-Farm Payrolls announcement tomorrow at 1.30pm UK time – which often triggers volatility in all types of financial instruments, including GBPCAD, and significant developments in the UK’s Brexit progress – which could send Sterling flying or tanking at a moment’s notice.
The setup ticks all of the boxes on both strategies – doesn’t mind it’s going to be a winning trade, but it’s starting off in the right place. (And it’s already a whopping 7 pips at the time of writing [humor]).
[And I apologize in advance & before somebody more qualified points it out – the highlighted candle is not actually a ‘pinbar’ – I should be less loose with my terminology! – but it’s a type of candle that I am happy to trade on the basis of.]
Good luck for your trading sessions today.