GBP/CAD (LONG SWING TRADE)
Hello All,
GBP/CAD is looking really bullish and has formed a bottoming structure after a prolonged bearish movement.
This is an accumulation phase before the trend up and instead of looking for an exact entry, the best entry is any retouch of the orange arc shape illustrated on the chart which you can see is acting as support for price as it bottoms.
Price is also well below the AVL (Agreed Value Line) which means that entry here is optimal for the most profit taking once the uptrend begins.
This is where the institutional traders (smart money) are entering whereas retail traders will wait for break-out and retest above the AVL.
My first target is marked by the red price tag on the chart however, the best way to trade this would be to accumulate below the AVL and phase out your trade at key levels of resistance on the ride up.
I plan to do a video explaining this further tomorrow so make sure to follow if you want to see it...
until than...
safe trading :)
GBP/CAD is looking really bullish and has formed a bottoming structure after a prolonged bearish movement.
This is an accumulation phase before the trend up and instead of looking for an exact entry, the best entry is any retouch of the orange arc shape illustrated on the chart which you can see is acting as support for price as it bottoms.
Price is also well below the AVL (Agreed Value Line) which means that entry here is optimal for the most profit taking once the uptrend begins.
This is where the institutional traders (smart money) are entering whereas retail traders will wait for break-out and retest above the AVL.
My first target is marked by the red price tag on the chart however, the best way to trade this would be to accumulate below the AVL and phase out your trade at key levels of resistance on the ride up.
I plan to do a video explaining this further tomorrow so make sure to follow if you want to see it...
until than...
safe trading :)
Trade closed: stop reached:
Stopped out looking for re-entry