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GBPCAD Long: Bullish Confluence with High R/R

Long
British Pound / Canadian Dollar (FX:GBPCAD)  
glennmercer Updated   
FX:GBPCAD   British Pound / Canadian Dollar
GBPCAD glennmercer gmercerfx gbpcadlong Bat Bullish Bat confluence bullishconfluence Triangle Pin Bar Bullish Pin Bar Trend Lines extensions 1.618 Double Bottom
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gbpcad glennmercer gmercerfx gbpcadlong batpattern bullishbat confluence bullishconfluence triangle pinbar bullishpinbar trendline extensions 1.618 doublebottom
GBPCAD has completed a bullish bat on the 15m TF. Zooming out to 1HR we can observe a double bottom forming at the PRZ. Two longer-term trendlines provide added support at this level. The daily TL also forms a potential bottom barrier of a triangle pattern where the first bottom serves as touch four. Targets are placed at structure high and 1.272/1.618 extensions which are confluent with other important levels (see chart for details). SL is placed below recent lows for a R/R of over 18 if support holds. Wait for candle close for another bullish pinbar confirmation before entry for a more risk-averse approach.

Shorter TF Bullish Bat Complete:
snapshot

Bullish Confluence:
  • Bullish Bat
  • Potential double bottom
  • Daily TL Support
  • 4HR Trendline Support
  • Potential triangle forming on daily
  • Bullish pinbars forming indicating buying pressure
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