Weekly Chart - Doji retesting . 80 while closing below . 795 .
- Now we wait for price to come up the right shoulder favorably at .7925 later during the week (Tuesday) and look for sell with a 2:1 RR
Weekly Chart - Bearish Engulfing breaking below and rejecting 0.8000
Daily - Bearish Engulfing after retesting 0.8000.
Now we wait on a bearish candlestick on the 4HR time frame that follows market structure. Favorably at 0.79500 OANDA:NZDCAD
On the Weekly we can see GBPCAD has been in a downtrend breaking below a key 1.68 level. The weekly candle for the previous week broke closed and broke below this level , so now we can wait for the daily timeframe to show a retracement going above or stopping near the1.68 level ; then rejecting and closing /breaking below. Scale down to the 4H time frame and...
On the Weekly we can see GBPCHF has been in a downtrend . We also see the last weekly candle closed as gravestone to the downside , rejecting the 1.22 level as well as the trendline . All that’s left is to wait for a daily candle to reject and close going away from 1.22 , scale down to the 4H time frame and repeat, before finally looking for an entry.
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