Daily candle rejected as shooting star candle at lower high. Expecting one more push down, 1st target is 1.6050 then 1.6000 possibly a bit lower, after a pull back...
This is a weekly demand zone so after one more push down we could see a bounce from the low...
Good signs of being overbought on the daily and reference point for stoploss above yesterday's high.
However lower timeframes still need to show more definitive signs of bearishness to consider short.
The price breaking support on the lower timeframes, pulling back and then finding resistance make be a conservative approach to trading this.
*Yellow MA = 200 EMA | Blue MA = 100 EMA
In this video, I go over the approaching support level for OANDA:GBPCAD and the potential play to the top of the consolidation box set after the reversal we see from January 2016 - October 2016. A play from the support to resistance is well over 1000 pips and has two different opportunities:
1. We bounce off of more...
Hello Traders,
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*Disclaimer - This analysis alone DOES NOT warrant a buy or sell trade immediately. Before you enter any trade in the financial market, it is very important that you have a proper trading plan and risk management approach.
The sharing of this idea is neither necessarily indicative of nor a guarantee of future performance or success.
