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Gbpcadforecast

GBP/CAD Harmonic Pattern Signals Bearish OpportunityOverview: GBP/CAD has recently exhibited the formation of an Anti-Butterfly XABCD harmonic pattern, concomitant with the price approaching a crucial Resistance area. This confluence suggests a potential Bearish reversal from point D, indicating a favorable opportunity for traders to capitalize on the impending downward movement. Entry Strategy: A prudent entry point for this trade is near 1.72840. This level aligns with the anticipated reversal point, providing an optimal entry opportunity for traders seeking to capitalize on the projected Bearish momentum. Stop Loss Placement: To mitigate potential risks associated with adverse price movements, it is advisable to place a Stop Loss order near 1.72480. This strategically positioned Stop Loss serves to safeguard against unexpected market fluctuations while allowing for ample room for the trade to unfold in alignment with the projected analysis. Take Profit Targets: 1. TP-1: 1.71175 2. TP-2: 1.70525 3. TP-3: 1.69869 Conclusion: In conclusion, the technical analysis of GBP/CAD suggests a compelling Bearish trading opportunity, characterized by the formation of an Anti-Butterfly XABCD harmonic pattern and proximity to key Resistance levels. By adhering to the outlined entry, stop loss, and take profit strategies, traders can effectively navigate the market dynamics and capitalize on the anticipated Bearish movement with confidence and precision.
Short
by trading_jupiter
4
GBPCAD Trading Plan - 07/Apr/2024Hello Traders, Hope you all are doing good!! I expect GBPCAD to go Up after completing this correction. Look for your BUY setups. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea.
Long
by For3xScalper
GBPCAD ANALYSISHello, traders here is an analysis of GBPCAD as you can see the market is on a bullish trend and now it has just reached its point/zone of resistance so now the question is it going up or down? I have got two options if the price can break the resistance zone and close above I am looking for buying/bullish trades and if the price breaks the trend line below and close below that support zone and trend line I will be looking for selling/bearish opportunities. So what do you think on this one traders?
Long
by dlaminisya
1
Short Term Buy, Long Term Sell??Looks like we are finally breaking out of the 1.73 resistance that has been holding for just over 2 years now so what next? Looking at the weekly chart buying momentum has slowly been building up around the 1.73 level evident with the lower highs forming and then last weeks huge green candle to push through and close above 1.73. (see daily chart below) Short term I expect the market to have a quick dip back down towards or below 1.73 and then for buyers to comeback in to push price up towards the huge Monthly sell zone between 1.75 and 1.78. (see image below) I will be looking for BUY signals on my TRFX indicator on the lower timeframe charts from 1hr up and then entering buying positions, I also may take a more aggressive approach and just buy the first short dip. My target for the buy position will be above 1.75 though looking at the Monthly charts I can't rule out a spike up to 1.78 or even as high as 1.80. Once price has entered the Monthly SELL/SUPPLY zone I will then switch my focus to look for evidence of buying momentum slowing down as I fully expect large sellers to start building into positions here and so will I. As the image above shows each time the market has got this high since 2017 has been followed by large selling back down under 1.60. Hope you enjoyed the read :)
Long
by TheFxAce
3
GBPCAD Analysis on 3H ChartGBPCAD: Ascending Channel Offers Bullish Continuation The GBPCAD pair has been trading within an ascending channel on the 3-hour chart, presenting a classic bullish continuation pattern. The channel is defined by two parallel trendlines, with the upper trendline having touchpoints at 1.7217 , 1.7291 , and 1.7335 , and the lower trendline with touchpoints at 1.7116 , 1.7190 , and 1.7217 . Key Observations: Bullish Structure: The ascending channel indicates a steady uptrend with the price making higher highs and higher lows. Trading Within the Channel: The strategy involves buying near the lower trendline and considering selling near the upper trendline or holding for a breakout. Volume: Confirm trades with volume, as rising volume on upward moves within the channel reinforces the bullish sentiment. Trade Strategy: Entry Point: A pullback to the lower trendline offers a potential entry point, with the recent touchpoint at 1.7217 serving as a key support level. Stop Loss: A stop loss can be placed just below the lower trendline to protect against a potential breakdown. Take Profit: Profit targets can be set near the upper trendline, with the recent high at 1.7335 acting as a resistance level. Risk Management: Breakout Potential: Be prepared for a breakout above the upper trendline, which could signal a stronger bullish move. Market News: Stay informed about economic events that could impact the GBP and CAD, as these could lead to increased volatility or breakouts from the pattern. Trade ideas are speculative and should be used in conjunction with a comprehensive trading strategy and risk management. This trade idea is based on the ascending channel pattern, which is typically a bullish signal in technical analysis. It’s important to monitor the pair closely for potential breakouts or breakdowns that could signal a change in trend. Happy trading!
Long
by itmecrypomania
GBPCAD Analysis on Weekly Time Frame GBPCAD: Bullish Breakout from Rising Wedge’s Upper Boundary The GBPCAD pair has made a decisive move by breaking out from the upper trend line of a rising wedge pattern on the weekly chart. This breakout is contrary to the typical bearish exit from a rising wedge and could signal a strong bullish continuation. Key Observations: Pattern Recognition: The rising wedge pattern is identified by converging, upward-sloping trendlines. Bullish Breakout: The breakout above the upper trendline suggests buyers are in control, overpowering the usual bearish sentiment associated with this pattern. Volume Confirmation: Look for an increase in volume to confirm the bullish breakout’s strength. Trade Strategy: Entry Point: Consider a long position following the breakout with confirmation from volume. Stop Loss: Place a stop loss just below the breakout point to protect against a potential false breakout. Take Profit: The profit target can be estimated by the height of the wedge at its start, projected upwards from the breakout point. Risk Management: Confirmation: Monitor for a potential retest of the upper trendline, which could now act as support. Market Sentiment: Stay informed about macroeconomic factors that could influence the GBP and CAD currencies. Trade ideas are speculative and should be used in conjunction with a comprehensive trading strategy and risk management. This trade idea is based on an atypical breakout from a rising wedge pattern, which usually indicates bearish reversal. However, a breakout above the upper trendline can sometimes occur, especially in strong bullish markets, and may lead to significant upward moves. It’s important to validate the breakout with volume and other indicators for a robust trade setup. Happy trading!
Long
by itmecrypomania
GBP/CAD SHORT from 1.7146GBP/USD and GBP/CAD have come under sustained selling presuure in the last hour. WE havbe a confirmed SELL signal on Pivot Point Supertrend and the red SELL line has crossed the signal line of the Andean Oscillator and is rising shrply indicating high momentum SELLING. On the H4 chart we've been overbought on this pair for some time and the RSI is now descing. MACD on H4 is also confirming this SHORT bias. Target for this trade is the 200 EMA on H4 which may be optimistic but there's no reason why the price can't make it down there over the next few trading days though any news will have to be factored in. Price has broken 25 EMA and 50 EMA on H1 and is currently forcing its way through the 100 EMA which is not offering much support. On the H4 time frame the price is trying to defeat the 25 EMA which may hold up the BEARS but the overall picture is BEARISH. STOPS can be placed above the last high.
Short
by forextraplaces