GBPCAD Short
Direction: - GBPCAD was at the end of a Bullish Cycle (Level 3). Therefore, it was due to reverse.
- The pair also formed a pattern at the H4 OB (Orderblock), so liquidity was expected to be grabbed from the source before the pair dropped.
- H4 MBL (Market Base Line) at the 68, so pair was overbought.
- Expect Bearish Momentum now.
Entry: - M (Double Top) Pattern Formation.
- Divergence indicating pair will sell.
- MBL (Market Base Line) pointing down above the 50, indicating the pair will drop.
- RSI crossing volatility bands (Shark-fin), indicating probable drop in the pair.
- RSI above the 68, indicating pair has been overbought.
Exit: - 44 pip SL @ above YH & H4 OB.
- 78 pip TP @ RSI Signal Line Cross, indicating to exit trade.
Direction: - GBPCAD was at the end of a Bullish Cycle (Level 3). Therefore, it was due to reverse.
- The pair also formed a pattern at the H4 OB (Orderblock), so liquidity was expected to be grabbed from the source before the pair dropped.
- H4 MBL (Market Base Line) at the 68, so pair was overbought.
- Expect Bearish Momentum now.
Entry: - M (Double Top) Pattern Formation.
- Divergence indicating pair will sell.
- MBL (Market Base Line) pointing down above the 50, indicating the pair will drop.
- RSI crossing volatility bands (Shark-fin), indicating probable drop in the pair.
- RSI above the 68, indicating pair has been overbought.
Exit: - 44 pip SL @ above YH & H4 OB.
- 78 pip TP @ RSI Signal Line Cross, indicating to exit trade.