Circled in purple you can see how price hit our support zone and then bounced, we can see price making a bullish run up to our TP1 zone ( 1st green box ) this is 100 pips away, so even though this is a little late entry there will still be some good pips to be caught. After TP1 is hit there is a possibility that price might also hit our TP2 ( 2nd green box )...
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...
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.
As you can see we have marked on our charts a very strong support level, this kind of support level goes the gym 10 times a day and sprinkles steroids on it cornflakes ( nothing wrong with that ) ;p
We have pointed out for you with purple arrows times price tried to break this support but failed and bounced, now price is nearly at this steroid support we are...
The British Pound vs. the Canadian Dollar. This is one of the most traded pairs in the world. The Canadian Dollar, often referred to as the “Loonie”, is considered to be a commodity currency because of Canada’s heavy energy exports.
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