GBPCAD: Short Trade from Resistance Zone
In spite of bullish signals from the higher timeframe, I expect a short term downward movement from the resistance zone formed by SMA200 and 1.74000 round number level. RSI reached the overbought zone, and it will be able to provide us a solid reversal signal.
Here is an example of a short trade:
Sell below 1.73950
Stop above 1.74150
Profit Target at 1.73415
Risk per trade must be no more than 1-2% from the trading capital.
If the price breaks the resistance zone, it will give a buying opportunity. But it will be better to open long positions during the next week.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Here is an example of a short trade:
Sell below 1.73950
Stop above 1.74150
Profit Target at 1.73415
Risk per trade must be no more than 1-2% from the trading capital.
If the price breaks the resistance zone, it will give a buying opportunity. But it will be better to open long positions during the next week.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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.