Good day traders! I hope you are doing well in recent market amid most of the currency pairings are having one directional movement for the past few days to week. Fresh week ahead, let's get into our first analysis of the week!
Start off with GBPCAD, as you can see from H4 timeframe, price has broke above symmetrical triangle and it is a sign of bullish breakout and bull market is taking control.
However, to find a good entry, we would need to wait for the price to settle down and ideally to retest the trendline which lies perfectly with fib retracement 38.2%. I would suggest traders to set two sell limits at fib retracement 38.2% and 50%, which are two good buy entries.
Buy Limit 1: 1.71049 (38.2%)
Buy Limit 2: 1.70805 (50.0%)
SL: 1.7049
TP 1: 1.7200
TP 2: 1.7235
Do manage your risk well, most of the time, it's not you versus the market, it's always you versus yourself. Happy weekend all!
Start off with GBPCAD, as you can see from H4 timeframe, price has broke above symmetrical triangle and it is a sign of bullish breakout and bull market is taking control.
However, to find a good entry, we would need to wait for the price to settle down and ideally to retest the trendline which lies perfectly with fib retracement 38.2%. I would suggest traders to set two sell limits at fib retracement 38.2% and 50%, which are two good buy entries.
Buy Limit 1: 1.71049 (38.2%)
Buy Limit 2: 1.70805 (50.0%)
SL: 1.7049
TP 1: 1.7200
TP 2: 1.7235
Do manage your risk well, most of the time, it's not you versus the market, it's always you versus yourself. Happy weekend all!