Price broke support and created a resistance on smaller timeframes allowing us to enter sells, we secured our entries at 12 pips and moved stops to BE, price then retraced and would be in heavy drawdown if we didn't secure our profits. So overall we won the trade and managed it to perfection to ensure we didn't get caught out in that retracement.
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...
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...
Hello everyone, This is my analyse on gbpcad (4h) time frame. Please comment why if you disagree as i'm still trying to improve and become a better trader.
I'll appreciate all comments and take them on board.