GBPCAD Short
Direction: - Momentum on the H4 was Bearish.
- The pair entered a Bearish OB (Orderblock) on the H4.
- The pair filled in the FVG (fair value gap) on the H4, before dropping.
- The pair retested the last level of the Bullish Cycle.
Entry: - M (Double Top) Pattern Formation.
- 13 EMA cross indicates probable continuation in drop.
- Divergence.
- RSI near the 68. This shows that the pair is near exhausted and overbought.
- Squeeze in volatility bands between the 50 & 68 indicate a sudden burst will occur downwards.
- MBL (Market Base Line) pointing down above the 50 indicates drop.
Exit: - 35 pip SL @ above high.
- 70 pip TP 1 @ 800 EMA, as this can act as a resistance point..
- 120 pip TP 2 @ just above YL.
Direction: - Momentum on the H4 was Bearish.
- The pair entered a Bearish OB (Orderblock) on the H4.
- The pair filled in the FVG (fair value gap) on the H4, before dropping.
- The pair retested the last level of the Bullish Cycle.
Entry: - M (Double Top) Pattern Formation.
- 13 EMA cross indicates probable continuation in drop.
- Divergence.
- RSI near the 68. This shows that the pair is near exhausted and overbought.
- Squeeze in volatility bands between the 50 & 68 indicate a sudden burst will occur downwards.
- MBL (Market Base Line) pointing down above the 50 indicates drop.
Exit: - 35 pip SL @ above high.
- 70 pip TP 1 @ 800 EMA, as this can act as a resistance point..
- 120 pip TP 2 @ just above YL.