Weekly Structure - Downtrend
Daily Structure - Downtrend
GBP-CAD has been in a downtrend since 9th of March. The price has now recover and broke the descending trendline (black line). We had two waves and price has been rejected on 1.71000 creating a double top . The price have been pushed lower and and have now broke the ascending trendline and pullback to test the ascending trendline . He may see price move lower again back to 1.66500 (strong level of support).
We also have divergence on RSI (indicating bearish movement)
TP1 - 1.69200
TP2 - 1.67500
TP3 - 1.66500
SL - 1.71141
R/R - 4.2
Good Luck!!!
Daily Structure - Downtrend
GBP-CAD has been in a downtrend since 9th of March. The price has now recover and broke the descending trendline (black line). We had two waves and price has been rejected on 1.71000 creating a double top . The price have been pushed lower and and have now broke the ascending trendline and pullback to test the ascending trendline . He may see price move lower again back to 1.66500 (strong level of support).
We also have divergence on RSI (indicating bearish movement)
TP1 - 1.69200
TP2 - 1.67500
TP3 - 1.66500
SL - 1.71141
R/R - 4.2
Good Luck!!!
Note
Trade Closed - Stop Loss Hitted - 88 Pips LossNote
Stop Hunt at 1.71000 level going up to 1.71500 and crash into the initial target. Next time will be better.
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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.