GBPCAD-Triangle to the downside?
GBPCAD-Triangle to the downside?
Price retreated back down after the double top at resist level. Triangle break out downward turn last week, expect this formation could continues towards the support levels below. sell at break out towards them.
Trading the S/R Zones
Trading Rules:
All S/R Zones has power to reverse the trade, but once broken with a closing candle Support zone will become Resist zone, and Resist zone will become Support zone.
Only trade when levels in zones are touch for the first time with a 1 hour engulfing candle to confirm the reverse.
Do Not chase price, let the price come to the S/R zones before entries.
S/R levels between zones can be use as Take Profit or stop lost location.
Price retreated back down after the double top at resist level. Triangle break out downward turn last week, expect this formation could continues towards the support levels below. sell at break out towards them.
Trading the S/R Zones
Trading Rules:
All S/R Zones has power to reverse the trade, but once broken with a closing candle Support zone will become Resist zone, and Resist zone will become Support zone.
Only trade when levels in zones are touch for the first time with a 1 hour engulfing candle to confirm the reverse.
Do Not chase price, let the price come to the S/R zones before entries.
S/R levels between zones can be use as Take Profit or stop lost location.
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.