GBPCAD 1h Rising Wedge (Bearish Continuation)
As you can see on the chart we have 3 major confluences.
Once we see a breakout of this rising wedge I would recommend placing a sell order with SL above the highest-high of the rising wedge, and your TP at wherever you feel like the market will push to.
- Test and Rejection of 200MA (This shows us that we are in a bearish market right now)
- Decreasing Volume
- We are also in a long term downtrend which shows us that overall this pair is going to go down
Once we see a breakout of this rising wedge I would recommend placing a sell order with SL above the highest-high of the rising wedge, and your TP at wherever you feel like the market will push to.
Comment:
Good job to anybody who took this. Sentiment on this pair was net long and the banks took it the other way, which was another major confluence. I cashed out on this one early because I don't want to have too many positions open at once, +77 pips.