As you can see price has bounced of strong support ( red box ) and is on its way up to our next area of strong resistance ( green box )
This should be a short trade for you and could make you around 60-80 pips, but get o quick as price is making its way up now.
I would say that if you are trading this pairing I would put a tight SL on as we have some high impact...
Almost similar to GBPJPY, this pair has recently created a new low then a nice pullback and came back with an bearish engulfing candle which suggest that it is on course to make a double bottom. I've marked the tp and sl for you.
Let me know your thoughts.
Trade safe and good luck.
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...
GBP/CAD -- heavy manipulation to the upside, wiping out many traders at 1.76400 and 1.77380!
Patience and timing were key to avoid heavy losses.
Our team were in at 1.75837 but with stops carefully placed at key levels which kept our position in the market while other traders faced heavy losses.
Target 1 +160 points.
Target 2 +320 points.
Target 3 +480...
Key levels that price has been respecting over and over again, trendline has been respected and touched 3+ times so price could come down to retest this again, At the moment price is caught in between 2 key support and resistance levels so we will be waiting to see if price goes bullish or bearish.
Our overall outlook is bullish, so this could come after a retest...
Gbpcad clean and simple short, we might see a stop hunt to the highs first before the midweek reversal comes in. patience is key for this pair as we saw a lot of fake confirmations on the 4hr chart.
This is drawn on a weekly chart.
You can see that price has respected this strong daily resistance level before ( purple arrows ) and price is on its way back upto it at the moment, we are looking for a bounce and further bearish movement possible down to our support zone ( green box )
This trade will give you around 250 pips if it works out to plan... and if it does and you take it then I will...
Price has been ranging between 1.7400 and 1.77200 however price has broken the top o the 1.77200 range which shows supply at this level could be weaker.
There is a fresh Daily Supply at 1.78800 level which is where I will be watching to see if price reaches this zone to short down to fresh Demand at 1.72500
With this pairing breaking and re testing a good trendline TL late last week we can only see downside movement and possibly reaching our target zone of around 300 pips from current price.
We have placed our target zone where we have because it is very strong support and resistance area where price has respected as far back as 2009... See the importance of...
We are waiting for a re test and either a break or bounce of support/resistance level marked by our purple arrow.
As you can see for yourself this level has been used as strong resistance in the past so might come down break this level and carry on using as resistance, or price could get rejected by this level and us it as support.. Either outcome we can see this...
oh man this looks good. will be following my normal plan. break and retest.
1.i need a 4hr close below this zone.
2.wait for retrace into zone.
3.wait for confirm candle.
4.execute sells if you get a bearish candle or something like a doji which will show you indecision in the market.
Remember, this current 4hr candle will pullback as it gets nearer to close it...