Hi traders,
I hope you hade a great week. Here I have a very interesting setup for GBPCAD. Price action had made a new higher high and the daily candle (D1) closed with a bearish note. Price is at a major level where historically it reacts and as we have also seen the bearish D1 candle which adds up to the speculation. I have gone short on this makred my initial tp and sl for you as well. In theory, price should come down to 0.382 level which is about 420+ pips before making an attempt to make a new higher high or alternatively it can continue down towards 0.5 fib level which will allow this pair to push even higher.
Personally I don't think it will go down that much simply because the upside movement is somewhat restricted by descending trend line which is pretty solid and unbroken since January 2016.
So, for now I'm looking for that short setup and hoping to go long once it come down to that 0.382 zone. This is not a day trade and hence do not expect the tp to be hit within a day :P
Feel free to share your thoughts.
Cheers,
B
I hope you hade a great week. Here I have a very interesting setup for GBPCAD. Price action had made a new higher high and the daily candle (D1) closed with a bearish note. Price is at a major level where historically it reacts and as we have also seen the bearish D1 candle which adds up to the speculation. I have gone short on this makred my initial tp and sl for you as well. In theory, price should come down to 0.382 level which is about 420+ pips before making an attempt to make a new higher high or alternatively it can continue down towards 0.5 fib level which will allow this pair to push even higher.
Personally I don't think it will go down that much simply because the upside movement is somewhat restricted by descending trend line which is pretty solid and unbroken since January 2016.
So, for now I'm looking for that short setup and hoping to go long once it come down to that 0.382 zone. This is not a day trade and hence do not expect the tp to be hit within a day :P
Feel free to share your thoughts.
Cheers,
B