Higher lows, lower highs
LP Hunt this morning confirmed by reaction off the .786 fib and key daily zones. Wait for retest for perfect entry if you missed it this morning
Could see a liquidity hunt below key levels edging towards demand zone before a rocket back up
Big movements on GBPCAD osculating between weekly levels
USDCAD Analysis this morning.
Higher highs and higher lows
Be careful around entry as strong 4H resistance level and rection off the .5 fib (easily manipulated)
Could show big move if analysis plays right
We could potentially see GBPCAD declining aggressively now that it has gained liquidity after the resistance break and broken back into the ranging area. Let's see how this trade unfolds later on in the day, best of luck this week traders.
According to COT data source - 68% are short
We are now caught in a phase of indecision, I have illustrated the potential next moves depending on which way the pair decides to break out.
Personally I am more in favour of the bearish set-up as it will provide a better risk to reward trade but I am prepared for the breakout either way.
Remain patient and strike when the market shows you the direction it...
GBP/CAD has broken the wedge that i had analysed on my last idea and is heading towards a resistance. It is currently overbought so possible drop back down and pull back to resistance. Possible short and long entries.
GBPCAD - Downward channel here. Looking like we may see some form of rejection around the upper channel trend line. Lines up well with the resistance level and double top. As mentioned on the note, we will need to wait for rejection at our targeted zone.
The overall market in the weekly has been ranging there for a recent rejection has occurred in the weekly resistance and there's a high chance price will come back down the the weekly support. The daily chart has been respecting the 50 FIB retracements towards the down trend. Price appears to be aiming for the golden zone .5 or .6 of the FIB around so we are...
- Possible 3rd touch of bullish trendline
- Area of resistance could offer support
- Area of possible support falls around the 0.618 Fib level
- Possible touch of the 50 EMA
I'm fairly confident that this trade will come off but it is worth noting that price was recently heavily over bought according to the RSI
I will be waiting for price to...
Price has been reinducing and trapping for 2 sessions within level 1. Given there is enough liquidity, anticipating price to move into the next level over the next few sessions. Limit order entry at SQP price. This is a potential intraday position
Just another idea related to GBP. Seen this pair in a downtrend for a while but I saw bullish divergence on higher TF I am holding from near the bottom again but still looking for another runner after a retest. Should be a bit more in this move up! TP’s are listed. Place stops on levels of support. Do your own TA too!