Gbpcadshort
Strike it down.... GBPCAD Lighning Bolt Movement!!!Interesting movement by GBPCAD so far. We could see a potential head and shoulder pattern forming with price level at a upper band which gives us a good potential to short this pair. If we could see this price breaking its trend support level we could see it moving down to the support level @1.6720 with a possible retest to that support level before a fall. Forming a nice lightning bolt pattern which could pose great danger to GBPCAD as it head towards the south.
What you should consider before trading GBPCADGBPCAD is going to test 200 SMA for selling or buying pressure. Currently, it's trading sideways and Pivot points form a major entry point. If the next Pivot point (available on 05/05) permits selling pressure, then the increased volatility to 1.7200 downward is guaranteed.
GBPCAD - SWING - 04. MAY. 2020Welcome to our weekly trade setup ( GBPCAD )!
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1 HOUR
Very bullish price action taking out several highs.
4 HOUR
Overall sideways waving market structure, expecting a break to the downside.
DAILY
Price action slowed down at range high, good short entries!
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FOREX SWING
SELL GBPCAD
ENTRY LEVEL @ 1.75330
SL @ 1.76810
TP @ 1.73110
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
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Have a great week everyone!
ALAN