The GBPCAD is starting to look interesting but needs to clear a key resistance cluster if we are to place long trades.
As explained in previous posts such on the EURUSD, we look for a certain criteria to be met across the monthly, weekly and daily timeframes that defines our edge before placing trades. Having and being able to define your edge is essential to...
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.
It looks like both the trendline connects to higher lows to create an uptrend and it's been hitting the support line couple times as well as pointed out in arrows.
Two places can be used for take profit because the red trendlines make a upward channel which could predicted a higher yield of profit making.
i think this chart is self-explaining: i've written down all the conditions that point in the same LONG direction and that's where i want to be. Very high-probability trade from my experience (but that doesn't mean you should underestimate the risk: alway be careful). Stops below the low and targets as shown above.
If you want to ask questions, feel...
GBPCAD BULLISH structure remains intact as long as we stay above the H4 and DTF 200 SMA's.
Fridays daily candle was a perfect indecision doji suggesting the BULLS and the BEARS had an equal share of the action on Friday and from a technical standpoint a move down to support at 1.6643 looks possible where we may see the BULLS move back into the market.
GBPCAD came down to support.
GBP is extended to the downside and CAD has been the strongest pair for the last day other than CHF.
I missed the GBPCHF long but I'm happy to go long this one after the retest of the signal candle
GBPCAD came down to an oversold level and a signal to go long came yesterday.
I have entered on the retest of the signal today.
CAD and GBP will get thrown around by the USDCAD and GBPUSD but I see strength creeping into GBP and Weakness creeping further into CAD hence why I went long this pair.