You can see our support and resistance zone ( red box ) that is marked out with arrows to show where this zone has been respected as support ( orange ) and resistance ( purple ) Now price is currently hanging around this zone like a drunk idiot who doesn't want to leave the bar at closing time because he has spent all night trying to hit on the bar maid who is 20...
Support purple arrows
Look how many times price has used our support and resistance zone, easy to see its a very strong zone and ready for a reversal, add in the fact that this zone lines up with our trend line that has also been very well respected we can only see a reversal coming after price has had a big push down the past few hours.
Now we can observe a potential bearlish bat on the chart. If the price reach 1.6750-1.6800,we can wait for the PRZ to confirm.
If you look the chart , you can see the area of strong resisitance. the price was forced to move down in Sep in this area.
Please be careful about the price action around the PRZ zone. False breakout often happen in pound pair.! The...
Simple setup here on GBPCAD. The overall trend is down and we are currently in this descending channel. Potentially in for a third bounce with a decent risk to reward ratio. Stops placed above the previous high.
Dash trendline seems to be showing a slight ascendance to the profit hopefully + previous support shows a massive long term setup if it moves with the pattern.
Both support and dashed trendline seem to be in correlation with each other.
We can wait for the market to retrace onto the bold trendline in which should give us a deeper profit goal.
As you can see in the trade, I've placed the trendline showing the current momentum which is a downtrend but however, it turns into sideways momentum.
Two double bottoms appear as well some strong upward move.
Hoping to take profit around the 1.75 area and stop loss is placed at 1.58338.
Just a noobie btw so I don't want no shtick from this but do however...