GBP/CAD - Anticipating Liquidation of Buyers!
Hey Traders,
I trust you all had a profitable week navigating the EURAUD and various other trading opportunities that were discussed within our community. As we venture into the new trading week, I'd like to draw your attention to a potentially lucrative shorting opportunity in GBPCAD.
Throughout the previous week, I diligently monitored the price action of GBPCAD, particularly focusing on the untested resistance level situated at 1.70500. My anticipation was for this level to be tested, subsequently initiating a substantial downward movement. However, instead of an immediate test, price dynamics have seen consolidation in proximity to this level, facilitating an accumulation of liquidity for potential sellers. While it's essential to remember that no trade is devoid of risk, I am confident in labeling this setup as one of high probability. My initial target aligns with the lower bounds of the current range, approximately at 1.69200, with a secondary target set at 1.68500.
In maintaining trading discipline, I emphasize the importance of patience and meticulous risk assessment. Each of us should conscientiously calculate our exposure to risk in line with our trading strategies and risk tolerance.
Best regards,
Renaldo Philander.
I trust you all had a profitable week navigating the EURAUD and various other trading opportunities that were discussed within our community. As we venture into the new trading week, I'd like to draw your attention to a potentially lucrative shorting opportunity in GBPCAD.
Throughout the previous week, I diligently monitored the price action of GBPCAD, particularly focusing on the untested resistance level situated at 1.70500. My anticipation was for this level to be tested, subsequently initiating a substantial downward movement. However, instead of an immediate test, price dynamics have seen consolidation in proximity to this level, facilitating an accumulation of liquidity for potential sellers. While it's essential to remember that no trade is devoid of risk, I am confident in labeling this setup as one of high probability. My initial target aligns with the lower bounds of the current range, approximately at 1.69200, with a secondary target set at 1.68500.
In maintaining trading discipline, I emphasize the importance of patience and meticulous risk assessment. Each of us should conscientiously calculate our exposure to risk in line with our trading strategies and risk tolerance.
Best regards,
Renaldo Philander.