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Gbpcadsell

Short opportunity on GBPCADHi, pound has been really strong over the past weeks, it's a bit risky to trade against it but i cannot help but make my usual analysis and trade it. The daily structure is represented by the blue box, plus the RSI in the daily is way overbought. So this is what i'm looking for when i seek for a reversal: as we go down on 4H timeframe, you'll se a nice divergence followed by an engulfing candle that should tell us bears are entering the market. Now price is pulling back and it's giving us a better risk to reward ratio. Stops above highs, target1 at the retest of the low, target2 to be determined. If you want to ask questions or share your view, comment beneath. Otherwise, see you in the next chart!
Short
by Roker1
1
Short on GBPCADHi, pound has been really strong over the past weeks, it's a bit risky to trade against it but i cannot help but make my usual analysis and trade it. The daily structure is represented by the blue box, plus the RSI in the daily is way overbought. So this is what i'm looking for when i seek for a reversal: as we go down on 4H timeframe, you'll se a nice divergence followed by an engulfing candle that should tell us bears are entering the market. Now price is pulling back and it's giving us a better risk to reward ratio. Stops above highs, target1 at the retest of the low, target2 to be determined. If you want to ask questions or share your view, comment beneath. Otherwise, see you in the next chart!
Short
by Roker1
GBP/CAD Short Double top Lower highAfter weeks of consolidation price finally broke out to the upside only to form a double top at previous support turned resistance. The second high of the double top is a LH signaling a trend change back to the bearish side. The monthly chart looks to be way overextended to the downside and a pullback is overdue. Will be looking for possible bullish HL to develop after this run down. *Trading through the daily 49EMA and recent support is not recommended, wait for clean break.
by Not4Hire