Gbpcadsell
GBPCAD 4h OutlookGBPCAD 4h Outlook
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the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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Tradewithsam
GBPCAD approaching support, potential for a further rise!
GBPCAD approaching support at 1.70945 where it could potentially rise further to 1.73180.
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GBP/CAD Consolidation Zone TradeThis is a consolidation zone setup that I am monitoring for entry here shortly.
I am looking for a tap on our entry line for a chance to sell back down to the middle of the consolidation zone.
Ideally we would see a good rejection candle but we have such a tight stop I may just enter regardless as the loss would be so small.
If we fail to get a good rejection or a wick at our entry level, this setup may become invalidated.
GBPCAD 240MOnce price reaches the third red line down, it is likely to drop fast, as in a full momentum completion. This 4 hour setup will probably make a jump down before many have time to enter, so putting entry short lower on my projection to account for opening volatility if there is any. It`s possible to break this down further on the 1H and 15M chart, but that would be for more precision entries, watching price all day kind of thing, which is useful, but not necessarily needed. A lower time frame entry might decrease stop value but could also stop you out before the trade has time to work out.