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Gbpcadlong

GBP/CAD looking to bounce off 78.6%Hello Fellow Trader! Quite a few signals lining up. Today I have introduced Bollinger bands to the equation due to multiple signals suggesting the reversal for GBP/CAD Daily Bollinger, 1-hour Bollinger, 78.6% Fibonacci and double bottom all coincide for a possible bounce. Would like to see a strong bullish engulfing, hammer, piercing, two bar reversal or dragon fly to confirm. Key Points: - Daily – Price outside Bollinger band and at 78.6% Fibonacci retracement - 1 Hour – Price outside Bollinger band - Double bottom support level from September 23rd low - Caution - Price holding below the 200 EMA - Caution - Price holding below the 50 EMA - Looking for a bullish candle at the 78.6% retracement - Large spike in volume but price stale - RSI crossing above oversold 20 extreme Key Levels: Support - 1.69015, 1.68800 Resistance – 50 EMA, 200 EMA, 1.70320, 1.71265 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Optimal Entry – 1.69400 Supporting Entry – 1.69550 Candle Reversals for entry - Bullish Hammer - Bullish Engulfing - Bullish Piercing The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. IF: Price breaks below 1.68799 – this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Optimal Entry 1.69400 – Target 1 1.70320 = 1.5x Reward to Risk Optimal Entry 1.69400 – Target 2 1.71265 = 3x Reward to Risk Supporting Entry 1.69550 – Target 1 1.70320 = 1x Reward to Risk Supporting Entry 1.69550 – Target 2 1.71265 = 2x Reward to Risk
Long
by tradetheday
GBPCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of GBPCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 05 Oct M > Market is moving in a well respected horizontal structure (of course with minor breakouts). Price had dropped to monthly support in middle of the structure, faced rejection and moved up. W > On its way down price created an M formation and as expected price moved up to test the neck. D > Price has been creating HH and HL on its way up. It created a W formation and dropped till neck to complete the formation. As per COT GBP saw closure of Long and addition of major short positions bringing net position to -ve, whereas N-R saw closure of both Long and Short, Commercials saw addition of Long and closure of Short. BXY was weak for the said week but it improved its position last week. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week. 4H > Price is not able to move above the resistance created by the neck. We need to wait for its break for confirmation of bullish move. Pair Correlation: GBPCAD has positive correlation with GBPAUD, GBPCHF, GBPUSD and GBPNZD and negative correlation with EURGBP.. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Long
by AP17FX
GBP/CADHello traders, a breakout of the wedge pattern will give us a good long entry. Take profit 1.7141 FX:GBPCAD If you agree with my ideas put a like and feel free leave a comment to link your trading ideas. Follow me for weekly analysis of swing trading support/resistance , fibonacci retracements, COT data. For informations feel free to contact me. Thanks for your support and let me know what you think! My analysis are for educational purposes only, and in no way represent a solicitation to invest in the financial markets. Compare them with yours and make a decision.
Long
by AidiDuhanxhiu