I would like to trade this slight pullback into the previous structure. I will be looking for a scoop below the most recent imprinted low before I begin to scale in my buy positions.
Hey traders, here is my analysis on GBPCAD let me know your thoughts below. To join our free discord please look in my signature field to get the link, see you in there!
This has settled after the move last week. The spike has had some retracement and created a support. A long from here should be fairly safe, environment is bullish as can be seen using MACD and EMA's on 4HR and daily timeframes. Target is 1.77585 as there is a lot of previous structure and resistance around this level.
This has retraced to what should be the new support level. Watch for this to turn higher using the MACD and EMA's, can also use 1HR for another perspective. Target is 1.77585 as there is a lot of historical resistance around this level. SL just below the low at 1.73750
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.
Another long term trade here, longs if we see rejection of the trend line as well as the 78.6 fib level to take this all the way up to past highs.
750 PIP GAIN 5/1 RR
