Hey folks, We have also entered GBPCAD long as we had a confirmed intra day 50/50 bounce. Again we have a 1:1 RR (not the best I know) but our stoploss is very unlikely to hit as we kill the trade once price closes BELOW 13 EMA. Let's see how this works out :)
tp1: 1.7065 tp2: 1.7155 sl: 1.6908
GBP/CAD just made fake broke of 2 months low 1.7052. On the chart, we can see that currency rate bounced up on 725 pips from that level. For me, it is a safe place where I can open a Long position. I opened buy at: 1.7064 S/L: 1.7022 T/P: 1.7355 Many of you wrote to me about loses on USD/JPY. Dear Friends, you need to know that I don't guarantee you that...
However overall i am bearish GBP markets since GBP index is weaker across the board, but for now i am looking to buy this market around this support and will hold till my green MA, thereafter i expect it to start fresh falls. Look for buys if you have your trading strategy. Trade Safe.
Reasons to buy this pair #1: W1 Support area #2: Fibonacci confluence level #3: H4 Double bottom and bullish "Pin Bar" at 2nd bottom #4: Bullish H4 RSI Divergence (I forgot to mention :-P)
GBP/CAD has made a double bottom (albeit imperfect) and a new high as well. Price has come back to re-test the previous high and looks likely now on the lower time frames (D, 4H) as well to push up.
GBP/CAD reached it's bullish channel support, Now it's time for Buy until price @ 1.1.80082
Here is the below chart GBP/CAD is on uptrend possibility, So there is a possibility for GBP/CAD Buy until price @ 1.77732.
TWO WAYS TO BUY 1. AGGRESSIVE WAY - FROM "E" WHEN TRIANGLE COMPETED OR 2. WITH DISCIPLINE - FROM "D" LEVEL BREAK OUT
BUY bottom of channel with 0.382 Fib support FX:GBPCAD
To enter with confidence, Wait for the price to breakout the neckline. Risky people can take position in the same range.
I think after long way down we should have a big movement on this pair so keep your eyes on it Good luck! :)
At the bottom of the long-term channel it will complete a Bullish Bat Pattern that can push the price to higher. remember the trend is down so we need a strong trigger to go long
Bullish Bat Pattern nearing Completion. Point D sits at the 61.8% retracement. Volume is starting to decline as prices move downward indicating that bulls might enter at any moment. Notice as well that right below the D point is Monthly and Weekly resistance (broken line) levels. We also have RSI showing bullish convergence signal.