GBPCAD 1H
Entry: Short position near 1.74533, based on confirmation of resistance.Stop Loss: Set at 1.74543 to 1.74553.Take Profit: Set at 1.73304.
Risk Management: Ensure the risk-reward ratio is favorable. A common strategy is to aim for at least a 1:2 risk-reward ratio.
Market Conditions: Monitor overall market conditions and news events that could impact price movements.
Indicators: Use technical indicators to confirm the strength of the resistance and the likelihood of reaching the take profit level.
By adhering to these criteria, you can establish a structured approach to trading around the specified resistance and take profit levels.
Risk Management: Ensure the risk-reward ratio is favorable. A common strategy is to aim for at least a 1:2 risk-reward ratio.
Market Conditions: Monitor overall market conditions and news events that could impact price movements.
Indicators: Use technical indicators to confirm the strength of the resistance and the likelihood of reaching the take profit level.
By adhering to these criteria, you can establish a structured approach to trading around the specified resistance and take profit levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.