GBP/CAD has experienced a bearish drop from a strong resistance level on higher time frames and is expected to continue its bearish trend. We have two options for entering a trade:
Enter at the current market price (CMP), setting a stop loss (SL) just above the resistance level where the market turned bearish. Aim for a take profit (TP) at a 1:1 risk-reward ratio.
Use Fibonacci retracement levels and wait for the market to pull back to the 0.786 or 0.618 level. If the market shows any bearish evidence at these levels, enter the trade and ride the bearish trend until TP3.
Enter at the current market price (CMP), setting a stop loss (SL) just above the resistance level where the market turned bearish. Aim for a take profit (TP) at a 1:1 risk-reward ratio.
Use Fibonacci retracement levels and wait for the market to pull back to the 0.786 or 0.618 level. If the market shows any bearish evidence at these levels, enter the trade and ride the bearish trend until TP3.
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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.