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...
Our 1st green line could be 1st sign of resistance ( 36 pips ) on this trade as it has been used before, but our yellow box is the target on this pairing ( 100 pips )
Plenty of bearish movement about at the minute, so this should be a nice quick trade.
Our purple arrows mark out where price has previously hit our support and resistance zone ( because we are nice...
1.72507 is a key strong resistance level as we show with our purple arrows where price has respected this level.
1.70319 area was previously used as resistance ( blue arrows ) but more recently was used as support ( orange arrows )
Price is currently sitting at resistance so again we are expecting it to respect this and bounce making movement to the downside,...
very easy trade here. There's a Bat pattern completing right now on this 4H chart and i'm going short, with stops above X and targets along with Fibonacci (0.382 and 0.618 of AD). Positive note: price is in overbought and divergence conditions on the RSI below.
If you have any question, feel free to comment below.
Otherwise, see you in the next chart!
i've been looking at this pair from last week and this could be the right moment to enter the market, according to my trading strategy. We're testing a very strong resistance and we've seen price slowing down approaching that level. And now you can see a triple top that's forming on the 4hr chart. I'm entering now with stops and targets as shown. Be...
GBPCAD is already in the blue box suggesting its recent pullback is complete or very close to being complete. A number of technicals suggest t still has one more push higher to go. The wave count is on the chart showing one more dip before finally topping. This wold agree with the position of the GBPAUD which is still short of its turning area and these two...
A bit late with the Post
i believe this is a high probability trade especially with the weak pound being displayed across the board.
All time frames signal further downwards momentum with the weekly and monthly showing bearish sentiment.
Upcoming elections also suggest the weakening of the pound as high levels of uncertainty are being displayed investors May...